More Pink Confetti

It’s still raining pink confetti in America, as initial jobless claims rose to 640,000 last week according to data released today by the U.S. Ministry of Unemployment … err, Department of Labor.

That brings total job losses for the current recession” (can we start calling it a depression now?) to 5.1 million.

Oh and there’s more good news … from Bloomberg:

Job losses may continue all year even as the longest recession in the postwar era shows signs of reaching a trough. The release indicates employment cuts may come close to topping 650,000 for a record fifth straight month in April because today’s report covers the week of the monthly payroll survey.

The national unemployment rate – currently 8.5% – is expected to reach 9.5% by the end of the year.

South Carolina currently has the nation’s second-highest unemployment rate at 11% – a figure which is expected to reach as high as 14% by the end of the year.