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Unemployment claims are rising faster than expected, leading economists to warn that the Associated Press that the worst is yet to come.

 

New applications for unemployment insurance rose 15,000 last week, to a seasonally adjusted 478,000, well above analysts' estimates of 470,000. Jobless claims above 400,000 are considered a sign of recession, according to the Labor Department.

 

Goldman Sachs, Chrysler and Xerox all announced they were cutting workers by the thousands, adding to the woes of an economy beset by tighter credit and wobbly banks.

 

The White House acknowledged the economy is going through what spokesperson Dana Perino called a "rough ride."

 

"We expect our [gross domestic product] number next week not to be a good one, and the next quarter to be tough as well," Perino told reporters.

 

Many economists expect the decline to continue into the current quarter and the first three months of 2009, if not longer. The classic definition of a recession is at least two consecutive quarters of negative growth.

 

Former Federal Reserve Chairman Alan Greenspan, testifying before a House committee, said he could not see "how we can avoid a significant rise in layoffs and unemployment."

 

 

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