US jobless claims touch 6,69,000; highest in 26 yrs

The initial claims for unemployment benefits in the US soared to 6,69,000 for the week ended March 28, reportedly the highest in 26 years, as recession continued to grip the world's largest economy.

For the week ended March 28, the claims for unemployment benefits from the state climbed by 12,000 to 6,69,000, figures from the US Labor Department showed.

It is reportedly the highest figure since October 1982.

"In the week ending March 28, the advance figure for seasonally adjusted initial claims was 6,69,000, an increase of 12,000 from the previous week's revised figure of 6,57,000," the Labor Department said in a statement today.

The four-week moving average was 6,56,750, an increase of 6,500 from the previous week's revised average of 6,50,250.

According to the statement, the advance seasonally adjusted insured unemployment rate was 4.3 per cent for the week ending March 21.

With the recession deepening, the American economy has shed millions of jobs as firms are reducing their headcounts to reduce costs.

"The advance number for seasonally adjusted insured unemployment during the week ending March 21 was 57,28,000, an increase of 1,61,000 from the preceding week's revised level of 55,67,000," the statement noted.