Tough Times

November 21, 2008

 

The Labor Department just reported that unemployment benefits last week jumped to a 16 year high.  Further evidence, proving the rapidly decreasing job market, that is suspected to get even worse next year.  New applications for jobless benefits jumped up nearly 27,000 from the previous week.  On Thursday, the Senate is expected to vote on legislation that would extend unemployment benefits.  The White House stated that President Bush would quickly sign the bill.  Without the legislation, supporters say 1.1 million people will have worn out their unemployment insurance by the end of the year.  They are finding that those who are unemployed are finding it more difficult to find new jobs.  

This 16 year high means that over 10 million Americans are looking for work.  More than 1.2 million jobs have been lost so far this year, and the jobless rate is at a 14 year high at 6.5%.  Many economists believe the unemployment rate will be estimated at about 8% by the end of 2009.  If that’s not enough stocks have plunged for the second day in a row to rates that haven’t been seen in more than 5 years.

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