Continuing Jobless Claims Hit Record High

Continuing jobless claims reached a new record during the week ended Jan. 17, the Labor Department said Thursday.

Continuning claims for benefits hit 4.776 million that week, the highest since records began in 1967.

Initial jobless claims rose 3,000 claims, to 588,000 for the week ended Saturday, Labor also said.

With large employers such as Caterpillar Inc. and Target Corp. announcing thousands of job cuts, unemployment claims will likely continue to climb, Bloomberg reported.

The initial claims level was higher than analysts’ forecasts of 575,000 claims, Bloomberg reported.

The four-week moving average, a less volatile measure, increased to 542,500.