Applications for unemployment benefits increased because of layoffs

There is a clear evidence that layoffs are rising. The news of these layoffs are also huge. Layoffs are taking place in top MNC’s as well. There is a massive layoff of about 30000 (10%) employees from Bank of America, HSBC and so on. This may be done due to the profit issues in the company or banks. This is the reason why more and more of them apply for unemployment benefits. Not only in United States, unemployment is becoming a serious problem all over the world. So these layoffs will be like a cut in the wound.  Not only those banking sectors, IT sector also suffers.. There are massive layoffs now in those sectors.

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More people applied for unemployment benefits last week, evidence that layoffs are rising