angry mobCompanies brace for total devastation as jobless claims rise.

As jobless claims rise, a major financial group warns that the global economy is headed into a “death spiral”.

“New applications for unemployment insurance benefits rose to 285,000 in the last week of January, the Department of Labor reported Thursday morning, from 275,000 the week before,” The Washington Examiner reports.

That’s higher than the 280,000 applications economists predicted, thanks to an Obama-led economy that is weakening even faster than anticipated.

“Economists view higher jobless claims, which are collected from state agencies on a weekly basis as a leading sign of more layoffs and a weaker labor market,” the Examiner explains.

The government also released figures that 151,000 jobs had been created in January, but it is far less than the 185,000-200,000 economists originally predicted – and it’s less than half of what’s needed to bring the economy out of recession.

The figures were released just hours after Citigroup stated, “The world appears to be trapped in a circular reference death spiral,” on Thursday.

“Stronger U.S. dollar, weaker oil/commodity prices, weaker world trade/petrodollar liquidity, weaker EM (and global growth)… and repeat. Ad infinitum, this would lead to Oilmageddon, a ‘significant and synchronized’ global recession and a proper modern-day equity bear market,” Citigroup forewarned.

The weakening global economy and looming recession will also impact the 2016 presidential election.

Those who voted for Barack Obama during a global recession will be reluctant to vote for Hillary Clinton since she will continue Obama’s failing policies of “recovery”, if elected.

Hillary’s challenger, though, is among those who knows the economy is not as rosy as Obama likes to claim.

Sanders slammed the government’s official employment statistics warning that they only mask the deeper problems with the economy.

“There’s another government statistic that comes out at the same time that does not often get reported, which looks at unemployment not only for those who don’t have jobs, but those who are working part-time when they want to work full-time,” Sanders said.

“And that’s a lot of people in this country. And those people in high unemployment areas who have given up looking for work,” he said.

“When you add all that together, you’ve got 9.9 percent unemployment, which is a serious problem.”