Rise in unemployment in US
On September 5, 2008, the United States Department of Labor issued a report that its unemployment rate rose to 6.1%, the highest in five years[26][27], and the Congressional Budget Office forecasts that the unemployment rate could reach as high as 9% during 2010.[28] The news report cited the Department of Labor reports and interviewed Jared Bernstein, an economist:
| “ | The unemployment rate jumped to 6.1 percent in August, its highest level in five years, as the erosion of the job market accelerated over the summer. Employers cut 84,000 jobs last month, more than economists had expected, and the Labor Department said that more jobs were lost in June and July than previously thought. So far, 605,000 jobs have disappeared since January. The unemployment rate, which rose from 5.7 percent in July, is now at its highest level since September 2003. Jared Bernstein, economist at the Economics Policy Institute in Washington, said eight months of consecutive job losses had historically signaled that the economy was in a recession. "If anyone is still scratching their head over that one, they can stop," Mr. Bernstein said. Stocks fell after the release of the report, with the Dow Jones industrials down about 100 points after about 40 minutes of trading. | ” |
CNN also reported the news,[29] quoted another economist, and placed the news in context:
| “ | Job losses are still mild by recession standards, but the losses are relentless and they are accumulating. If job growth had paced with population growth during this year, it would have meant 1.3 million new jobs would have been created. Instead 605,000 were lost. That means about 2 million fewer people are working than if the economy were on a steady path. And that's a big number." But while economists generally study the payroll numbers most closely, it's the unemployment rate that registers with most Americans when they think about the labor market.[29] -- Bob Brusca of FAO Economics |
” |
As of December 2008, U1 unemployment figure was 2.8% while U6 unemployment was 13.5%.[30] On January 26, 2009 a day dubbed "Bloody Monday" by the media, 71,400 jobs were lost in the US alone.[31]
The unemployment rate among workers with college degrees rose to 3.8% during the first quarter of 2009.[32]. This "pinch" is also spreading world-wide.[33]
This guide is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.
This guide is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.
English
Română