Last week’s numbers for jobless claims were up by 15,000 to a more-than-expected total of 478,000. Unemployment levels above 400,000 have traditionally been considered a sign of recession. Several large corporations have been announcing heavy job cuts and reductions in hiring, and according to former Fed chairman Alan Greenspan, the job market is only going to get worse. “Given the financial damage to date, I cannot see how we can avoid a significant rise in layoffs and unemployment,” he said Thursday. If Greenspan is correct, it could mean more bad news for an already floundering economy.
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