Jobless claims touches the zenith since March 2002

Last week the no. of unemployed people signing off for jobless benefits has rose to its highest spot in more that 6 years as companies bring down their employee number due to stumbling economic situation.

According to Labor Department, the new applications filed for unemployment insurance has risen by a seasonally adjusted from 7000 to 455000 in the week ending on August 2. Since March 2002 this increase left insurance claims at their highest level. The recent picture of unemployment was worst than the analysts suspected. They were estimating the new claims for jobless benefits to drop to around 430,000.

This data has disappointed Wall Street too and Stocks appeared heading for a lower opening with the Dow Jones industrial average futures down 99 at the 11,532 level

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