|Issue of the Day: Jobless Claims to 25 Year High|
Published Thursday, November 6th, 2008
As reported from the Department of Labor, the number of jobless claims has reached a 25 year high. President-elect Barack Obama has put forth a few economic stimulus proposals, which may gain bipartisan support, to increase the economic growth. A few of his ideas include temporarily exempting the unemployed from having to pay income tax on their unemployment benefits, extending unemployment benefits, spending more on infrastructure to create jobs, and temporary tax credits for businesses that create jobs in the United States.
The most current data available shows that the number of jobless claims increased by 122,000 for the week ended Oct .18 leading the number of Americans collecting unemployment benefits to 3,843,000. A year ago, the number stood at 2.59 million. For the four week period ending in Oct. 18, the moving average was 477,000, this time last year: 324,000. The number of jobless claims spiked in late September to 499,000, the highest level recorded since the 517,000 claims filed in wake of Sept. 11 terrorist attacks. The Department of Labor’s monthly unemployment report states that 200,000 jobs were lost in October and that the unemployment rate grew to 6.3% from 6.1% a month earlier.