Record continuing jobless claims threatens more foreclosures, deflation

Yet another ignominious distinction for the U.S. labor market: Continuing unemployment claims surged 122,000 to a record 5.56 million, the U.S. Labor Department announced Thursday, as more Americans found it hard to find comparable employment amid the nation's worst economic downturn since the 1981-82 Reagan recession.

Meanwhile, initial jobless claims increased 8,000 to 652,000 for the week ending March 2. Initial jobless claims have now been above 600,000 for two months.