626,000 Jobless Claims, the Highest in 26 Years!!!

By Christopher S. Rugaber for the Associated Press
New jobless claims jumped far more than expected last week in an already dismal labor market, and there's no relief in sight for workers as mass layoffs persist.
The Labor Department reported Thursday that the number of laid-off workers seeking jobless benefits rose last week to a seasonally adjusted 626,000, from the previous week's upwardly revised figure of 591,000. The latest total is far more than analysts' expectations of 583,000.
That's also the highest since October 1982, when the economy was in a steep recession, though the work force has grown by about half since then.
The number of people that remained on the unemployment compensation rolls increased slightly to nearly 4.8 million, the most since records began in 1967.
As a proportion of the work force, the number of people receiving unemployment benefits is at the highest level since August 1982. But that doesn't include an additional 1.7 million people receiving unemployment insurance through an extension of benefits Congress approved last year, which brings the total to about 6.5 million.
The extension provides up to 33 additional weeks of benefits, on top of the 26 weeks typically provided by states.
The numbers reflect the rapid deterioration in the labor market in recent weeks as companies from a wide range of sectors have announced tens of thousands of layoffs and displaced workers find it even more difficult to land a new job.