Unemployment claims are skyrocketing. According to the Labor Department, this is near 8 percent rate. To trump the unemployment claims of the early 1980s, jobless claims would have to exceed the 1 million mark.

Keith Hall, Commissioner for the Bureau of Labor Statistics reported earlier this month, "January's sharp drop in employment brings job losses to 3.6 million since the start of the recession in December 2007 (as determined by the National Bureau of Economic Research). About half of the decline occurred in the past 3 months. Job losses in January were large and widespread across the major industry sectors."

Initial claims are expected to sharply increase, and it's likely they will reach 750,000 per week in the upcoming months, according to Ian Shepherdson on CNNMoney.com, economist at High Frequency Economics in New York.

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Published: February 27, 2009

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