The number of U.S. workers on jobless benefits rolls hit a 26-year high last month, data showed on Thursday, and it may head higher as a deepening economic slump forces a broad spectrum of firms to cut jobs.
Contributing to the labor-market gloom, a host of U.S. companies announced large-scale layoffs, including top U.S. phone company AT&T Inc, which is eliminating 12,000 jobs, and chemical maker DuPont, which is cutting 2,500.
This is not good news. Consider it in light of decreasing establishment employment:
Increasing unemployment:
Increasing lengths of unemployment (click for a larger image):
And an increase in the absolute length of unemployment (click for a larger image):
