Jobless Claims Jump to 26-Year High

Initial jobless claims rose last week to a 26-year high, the Labor Department said Thursday.

Claims rose 35,000 claims to 626,000 for the week ended Saturday, Labor said.

The level was higher than analysts’ forecasts of a decline to 580,000, from a previously reported 588,000 the week before, Bloomberg reported.

The four-week moving average, a less volatile measure, rose to 582,250, from 543,250 a week earlier.

The number of people on continuing claims rose to a record 4.788 million for the previous week ended Jan. 24, Labor said.

The Labor Department is scheduled to release the January unemployment rate Friday morning.