New Jobless Claims Hit 18-Month High

The labor market is showing fresh signs of weakening. First-time claims for jobless benefits unexpectedly jumped to the highest level in one and a half years last week.

The Labor Department said Thursday that new applications for unemployment insurance shot up by 20,000 to a seasonally adjusted 395,000, the most since claims totaled 410,000 during the week ended Jan. 29, 1994.

And the four-week moving average of new claims continued to climb, jumping by 3,750 to 381,000.