The number of initial jobless claims rose to the highest level since September 2001, the Labor Department reported this morning.
First-time filings rose by 32,000 to 516,000 last week. The four-week moving average of new claims rose to 491,000, the highest level since March 1991.
The number of continuing jobless claims soared by 65,000 to 3.89 million, the highest figure since 1983.
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