Subscribe to Dollars & Sense magazine. Recent articles related to the financial crisis. Jobless Claims Reach 16-Year High (AP)Posted to the New York Times site this morning:Jobless Claims Reach a 16-Year High By THE ASSOCIATED PRESS | November 20, 2008 WASHINGTON—New claims for unemployment benefits jumped last week to a 16-year high, the Labor Department said Thursday, providing more evidence of a rapidly weakening job market expected to get even worse next year. The government said new applications for jobless benefits rose to a seasonally adjusted 542,000 from a downwardly revised figure of 515,000 in the previous week. That was much higher than Wall Street economists' expectations of 505,000, according to a survey by Thomson Reuters. That is also the highest level of claims since July 1992, the department said, when the economy was coming out of a recession. Read the rest of the article. Labels: recession, unemployment |
