Claims for unemployment have skyrocketed this year higher than they have been in the past 25 years.
The Labor Department released information thursday speculating that the Job market will continue to see a
decline throughout next year. The government said new applications for jobless benefits rose to a seasonally adjusted 542,000 from a downwardly
revised figure of 515,000 in the previous week. That's much higher than Wall Street economists' expectations of
505,000, according to a survey by Thomson Reuters.
Joshua Shapiro, chief U.S. economist at MFR Inc., a consulting firm, said the four-week average of continuing
claims is 49 percent higher than it was a year ago. That "indicates that those who are unemployed are finding
it increasingly difficult to get re-employed."
Shapiro wrote in a note that the number of claims indicates that net job reductions by employers could top 400,000
this month, up from 240,000 in October, when the unemployment rate reached 6.5 percent. Companies have cut
1.2 million jobs so far this year.
The Federal Reserve on Wednesday released projections that the jobless rate will climb to between 7.1 percent and
7.6 percent next year, according to documents from the Fed's Oct. 29 closed-door deliberations on interest rate
policy.
The fall of the American economy is already set in motion. There will be increased crime, food riots, and
violence, all in the name of survival.
