Washington, April 15: US claims for unemployment benefits have reached their highest levels in two months raising fears of another financial crisis in the country.
Claims for state unemployment benefits rose 27,000 to a seasonally adjusted 412,000, reports Reuters.
The rise in the number of the jobless claims comes in a time that the number of Americans who receive state unemployment checks has plummeted.
The US Labor Department reported that nearly 3.7 million Americans receive state unemployment checks, which shows a decrease by 58,000 from the week before, with a four-week average at its lowest level since October 2008, reports say.
However, the rate of unemployment measured according to the formula used by President Bill Clinton’s administration is actually around 20%.
According to a recent Gallup poll, US unemployment continues to be seen as the most important problem in America.
More job losses are expected, now that US president Barrack Obama has called for spending cuts and tax increases in an effort to reduce Washington’s budget deficit.
——–Agencies