New jobless claims jump more than expected to 626K

[Orwellian_Ghost]

New jobless claims jump more than expected to 626K

By CHRISTOPHER S. RUGABER, AP Economics Writer Christopher S. Rugaber, Ap Economics Writer – 1 hr 30 mins ago


WASHINGTON – New jobless claims jumped far more than expected last week in an already dismal labor market, and there's no relief in sight for workers as mass layoffs persist.

The Labor Department reported Thursday that the number of laid-off workers seeking jobless benefits rose last week to a seasonally adjusted 626,000, from the previous week's upwardly revised figure of 591,000. The latest total is far more than analysts' expectations of 583,000.

That's also the highest since October 1982, when the economy was in a steep recession, though the work force has grown by about half since then.

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http://news.yahoo.com/s/ap/20090205/ap_on_bi_go_ec_fi/economy

[prolesunited]

1. Who didn't expect this?

And it's only going to get worse as more and more people don't have the income to patronize businesses.

It's trickle down economics in reverse.

[tekisui]

2. The growing ranks of the proletariat....

[BlooInBloo]

3. Obama told us it would get worse before it gets better...

It would be nice if the mofo would be wrong just ONCE.

[SammyWinstonJack]

4. Cold comfort for those who are unemployed or facing unemployment, isn't it?

:shrug: