America is getting unemployed

The statistics from the Labor Department of the US shows that over 1 million jobs were lost this year through October. According to the analysts the employment report in November won’t be more optimistic with a loss expected to account for 350,000 jobs. The number is the largest drop since May 1980 when more than 400,000 jobs were cut down.

Such dismal forecasts are suggested partially by the high levels of the first-time applications for the state unemployment insurance. Last week initial jobless claims exceeded half million mark which is 50% higher against the previous year.

IHS Global Insight also expect nonfarm payrolls to show cheerless figures with a decline forecasted to make up 370,000 jobs despite a boost of about 27,000 from Boeing workers returning from strikes. In October payrolls dropped 240,000. Thus, with the monthly report due Friday that showed 350,000 jobs cut down the total jobs lost within the four months ended in November reach over 1 million. Experts predict unemployment rate to increase 6.8% from 6.5% registered in October. A rate of 6.8% would be the highest since 1993.