Jobless claims soar near 7-year high

Good lord, we really are going down the toilet.

NEW YORK (CNNMoney.com) -- In the first economic reading from the period since the Wall Street crisis erupted, a government report Thursday showed initial unemployment claims rose last week much more than expected.

According to a study by the Department of Labor, initial filings for state jobless benefits increased by a seasonally adjusted 32,000 to 493,000 in the third week of September. It was the highest number of weekly claims since Sept. 29, 2001, when unemployment soared in the wake of the Sept. 11 terrorist attacks.