According to an article in the Star-Telegram, the number of workers claiming unemployment insurance benefits rose from 613,000 to 640,000, which is slightly more than analysts’ expectation of 635,000 new unemployment insurance clams.
The article said:
Economists are closely watching the unemployment compensation data because they believe a sustained decline in the number of initial claims could signal the end of the recession is nearing. Jobless claims have historically peaked six to 10 weeks before recessions end, according to a report by Goldman Sachs. Initial claims reflect job cuts by employers. But the latest report shows job losses remain high.
Employers seem to be accelerating their job losses as the economy continues to sour. Already, over 8 million Americans have faced job losses and that number is expected to increase. Many Americans who are still employed are afraid that at any moment they could face a job loss. And their fears are not unfounded. Almost everyone knows someone who has faced a job loss. What can you do if you fear that you will face a job loss? Get prepared. Put your financial house in order. Save money. And if you are facing overwhelming debt, you may need to consider bankruptcy as an option before or after a job loss. Because as this article points out, the job losses will most likely get worse before they get better.