Hold your horses, this news was expected and frankly will probably get a bit worse in December and January before we see jobs numbers improve. 3 million members of the real estate - housing industry have lost jobs over the last year, this wave affect is now finally hitting the rest of the economy.
Weekly U.S. jobless claims jump to 542,000
Initial claims hit highest since July 1992; continuing claims touch 4 million
Initial claims for state unemployment benefits rose by 27,000 to stand at 542,000 in the week ended Nov. 15, the Labor Department reported. The number was much higher than the 503,000 that had been expected by economists.
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