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Find out more about Darrell: Darrell Proctor is a publishing industry veteran with more than 30 years' experience writing about business, technology and sports. He spent more than a decade at the St. Petersburg Times and later the Rocky Mountain News, where he authored the Mile High Tech blog and was noted for his reviews of consumer electronics and technology. Questions for Darrell? Drop him a line at techexaminer@gmail.com. |
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The government said U.S. unemployment claims are at a 16-year high, with initial jobless claims at a seasonally adjusted 542,000 for the week ended Nov. 15.
That's the highest level since July 1992. The Labor Department report gives more evidence the U.S. is headed toward an "official" recession; the Federal Reserve said the jobless rate could climb to 7.6 percent in 2009, and it signaled a recession is likely imminent when it cut its 2009 economic growth forecasts on Wednesday.
The unemployment rate, at 6.5 percent at the end of October, already is at a 14-year high.
"As far as we can tell, companies have thrown in the towel since September, and are now hunkering down for a deep and extended recession." - Ian Shepherdson, economist at High Frequency Economics
The Labor Department says 4.012 million people are receiving unemployment benefits, the most since since December 1982.
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