Unemployment Steadily Outpaces Anticipated Numbers

The U.S. Department of Labor reported last week that 516,000 filed for unemployment insurance – the highest total since the week of Sept. 11, 2001. The estimated total had been 479,000, an indication that the labor market is dwindling much faster than anticipated.

The number of Americans collecting unemployment benefits more than one week to 3,897,000, the highest amount since 1983, and 1,310,000 more than last year.

And, according to October’s numbers, the year’s total job losses is at 1.2 million. According to the U.S. Labor Department, 240,000 jobs were cut in October, again outpacing the expected 200,000.

Sources:

CNNMoney “Jobs Lost in 2008: 1.2 Million

CNNMoney “Jobless Claims Highest Since Spet. 11 Attacks”