Weekly Jobless Claims at 26-Year High

From the Commerce Department: New jobless claims jumped to a 26-year high. Claims were at 586,000 last week, the "highest since the week ended Nov. 27, 1982, when intial claims rose 612,000," according to Reuters. And the four-week average of new jobless claims (considered a better indicator of labor trends) is at 558,000—he "highest reading since December 1982." And while consumer spending rose a little, one economist tells Bloomberg News, "The increase in real spending is unlikely to be sustained with the job losses we are seeing," pointing out the gain in spending was "more a technicality based on the drop in gasoline prices." The stock market, which closes at 1 p.m., look like it'll make a modest gain today.