Recession blues continue

New claims for jobless benefits rose to a 26-year high last week, signaling that the U.S. economy remains stuck in a deep recession.
FEB 05, 2009
New claims for jobless benefits rose to a 26-year high last week, signaling that the U.S. economy remains stuck in a deep recession. Initial claims for state unemployment insurance benefits rose 35,000 to a seasonally adjusted 626,000 in the one-week period ended Jan. 31, the highest since the week ending Oct. 30, 1982, according to the Department of Labor. But the news may not be all bad, said Robert Brusca, chief economist for Fact and Opinion Economics of New York. “Big increases in jobless claims to higher levels often signal that the recession is coming to an end,” he said.

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