Jobless claims surge to 626,000, highest since 1982

The number of new claims for state unemployment benefits surged to their highest level since 1982, according to official data released Thursday, a sign that the U.S. labor market is deteriorating at a rapid rate.

Initial jobless claims rose 35,000 to a seasonally adjusted 626,000 in the week ended Jan. 31, the Labor Department reported. This put the number at the highest level in 26 years.