Jobless Claims Toll Hits 16-Year High

This recession has turned out to be worse than the situations during September 11 attacks. Especially the unemployment rate is increasing in the developed countries and the major concern with the government is in providing unemployment benefits in response to the increasing claims.

The jobless toll reached the 4 million mark after the 500,000 unemployment claims in the last week. Thus it jumped to 16-year worse, according to estimation from the labor department.

These times are compared to the previous recession during 1980s. The number of people claiming unemployment insurance is still increasing and the toll of 4 million jobless was last seen during early 1980s.

Many of the companies are still continuing with their mass layoffs as they have no choice with the fading demand.

Even the payrolls and new recruitments are suffering from the downed economy position. Stock markets have not yet recovered from their falling. People are now in the job of searching the end point of the fall.