Jobless Claims Reach 16-Year High (AP)

by Dollars and Sense

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

 

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11/20/2008 02:12:00 PM