Jobless claims hit 25-year high

The number of individuals receiving unemployment benefits reached 3.9 million last week — an increase of 65,000 from the previous week — the highest level since January 1983. The number of workers who filed for first-time unemployment benefits increased by 32,000 to 516,000 for the one-week period ended Nov. 8 — marking the highest level since the Sept. 11, 2001, terrorist attacks, according to the Department of Labor. Jobless claims above 400,000 are considered to be a sign of a recession. Last week, the Labor Department reported that the jobless rate increased to 6.5% in October, while non-farm payrolls shed 240,000 jobs. On a positive note, the trade deficit fell by 4.4% to $56.47 billion in September, from August's revised $59.08 billion deficit, according to the Department of Commerce. The August deficit was originally estimated at $59.14 billion. However, the trade deficit with China grew to $27.8 billion, from $25.3 billion in the year-ago period. Crude-oil imports fell to $27.25 billion, from $37 billion in August, as the average price per barrel fell by $12.41 to $107.58.