New US jobless claims unexpectedly spiked last week, reaching the highest level since 1982 as companies continued cutting jobs.

Initial jobless claims grew to 667,000 in the week ending February 21, from a revised 631,000 the previous week, labour department figures showed on Thursday. The results disappointed economists who expected new claims to remain flat. Meanwhile the number of Americans continuing to claim unemployment benefits hit a fresh record in the second week of February, topping the 5m mark for the first time.