The Labor Department has reported the number of jobless claims has reached a new level not seen since the Sept. 11 terrorist attacks, as the slowing economy has Wall Street and exchange traded funds (ETFs) threatening to reach new lows.

As of today, the number of jobless claims increased by 32,000 to an adjusted 516,000. This total is higher than analysts had expected and this is only the second time since 1992 that claims have gone above 500,000, reports Christopher S. Rugaber for Associated Press.

Typically, jobless claims above 400,000 is a signal that there is a recession, and last year at this time the claims were at 338,0000. The pace of unemployment is growing steadily and the high numbers indicate that people are having trouble finding new employment.

The number of foreclosures within the United States has been growing, and the number shot up 25% in October alone. Adrian Sainz of Associated Press reports that more than 279,500 U.S. homes received at least one foreclosure-related notice in October, an increase of 5% over September, according to RealtyTrac Inc. Another indicator of the ailing housing market is one in every 452 housing units received a foreclosure filing, default notice, auction sale or bank repossession notice. More than 84,000 properties were repossessed in October.

Nevada, Arizona and Florida continue to lead the nation with the highest foreclosure rates.

One number that continues to fall is the price of oil, which is just above $56 a barrel midday, signaling a taper off in demand and a possible move by OPEC to curb supplies. Barbara Lewis of Reuters says the only thing supporting the markets is the possibility of OPEC production cuts by the end of the month, but this move would prove to be in step with the slowed demand.

The U.S. trade deficit has posted a larger than expected decline and is down to the lowest level in about one year, despite the deficit with China up to an all-time high.

Martin Crutsinger for Associated Press reports the Commerce Department reported Thursday that the trade deficit fell by 4.4% to $56.5 billion in September, the smallest imbalance since October 2007.

The big drop in oil imports helped to slash overall imports by 5.6% to $211.9 billion. An unexpected 15.7% fall in petroleum imports is because of the slash in oil prices to a record $12.41 a barrel.

Tags: Energy, Oil