Initial Jobless Claims Reach 26-Year High

First-time unemployment claims rose to a 26-year high for the week ended Dec. 20, the Labor Department said Wednesday.

Initial jobless claims increased to 586,000, from a revised 556,000 the previous week, Labor said. The level was greater than analysts’ forecasts of 558,000 claims, Bloomberg reported.

The four-week moving average, a less volatile measure, also hit a 26-year high, rising to 558,000 from 544,250 a week earlier.

The number of continuing claims fell to 4.37 million for the previous week ended Dec. 13, from 4.387 a week earlier, Labor said.