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Last week, U.S. unemployment insurance rose to its highest level in 16 years. Bloomberg has more:

Initial jobless claims increased by 27,000 to a higher- than-forecast 542,000 in the week ended Nov. 15, from 515,000 the prior week, the Labor Department said today in Washington. The number of people staying on benefit rolls the prior week rose to 4.012 million, the most since December 1982.

Job losses in the U.S. have totaled 1.2 million this year as the economy entered a downturn exacerbated by the worst credit crisis in seven decades. More firings will weigh on the economy and consumer spending, putting pressure on President- elect Barack Obama and Congress to agree on legislation that will stimulate growth.

``Layoffs are picking up at a more rapid pace,'' said Jonathan Basile, an economist at Credit Suisse Holdings Inc. in New York. ``This is a reflection of the level of caution that hit the economy in October. Payrolls are likely to get worse before they get better.''

Treasuries rose, pushing yields lower. The benchmark 10- year note yielded 3.21 percent as of 8:45 a.m. in New York, down 12 basis points from yesterday. Stock-index futures were lower.