Jobless claims hit six-year high.

The Department of Labor announced today that “the number of newly laid off people signing up for jobless benefits last week climbed to its highest point in more than six years as companies cut back given the faltering economy.” Unemployment insurance applications “rose by a seasonally adjusted 7,000 to 455,000” last week, which is “worse than analysts expected.” The Labor Department had initially forecast that jobless claims would drop to 430,000.