US jobless claims hit 26-year high

WASHINGTON: The number of US workers filing new claims for jobless benefits surged to a 26-year high last week.

Initial claims for state unemployment insurance benefits jumped last week by 58,000 to 573,000, suffering the biggest increase since September 2005, the Labour Department said yesterday.

It was the highest reading since November 1982. Meanwhile, the US trade deficit swelled unexpectedly in October.

The Commerce Department report said the US trade gap widened by 1.1 per cent to US$57.2 billion that month as a big drop in exports more than offset a decline in imports. - Reuters