Current US Unemployment Rate Sets New Records
The bleeding U.
S.
economy went on to lose more jobs last February, taking the head count to a total of 3.
3 million lost jobs since September last year, and making it the highest unemployment level recorded in a quarter of a century.
New records set 651,000 employees got the ax in February which, according to government figures, is a bit lower than the 655,000 lost in January.
The number of jobs lost last December reached 681,000, the highest loss for a single month in 59 years.
Unemployment level climbed from 7.
6% to 8.
1% in February and was the highest recorded job loss rate since 1983, exceeding the 7.
9% predicted by economists.
A total of 4.
4 million Americans lost their jobs since the beginning of 2008.
A nationwide survey of families yielded a record of 12.
5 million unemployed people, the highest number found since 1940.
According to Adecco Group North America CEO Tig Gilliam, while the reports coming in look grim, more job losses are still expected in the coming couple of months.
There have already been plenty of layoff announcements which have not been carried out yet and employers expect unemployment levels to reach a high of 9% by the middle of the year.
Not yet over the hump Wachovia chief economist John Silvia said that the clobbered labor market hasn't touched the bottom yet.
As much as he wants to believe that the worst part has been reached, he suspects the pattern will go on in the coming months.
According to a statement released by the Obama government, massive unemployment and the current economic crisis are the reasons for Congress to act quickly in passing a stimulus package last month.
Some economists, however, expressed their doubts that the stimulus package will be an effective deterrent against further unemployment problems in the future.
Sung Won Sohn, a Cal State University economics professor, said that the package may not immediately affect job generation but could offset further job layoffs.
He said that majority of the jobs that can be created by the $787 billion government allocation may not be fully realized until 2010.
Underemployment also on the rise Job seekers who can't get full-time employment or had their working hours reduced accounted for the part-time workers which numbered 787,000 last month, bringing the total to 8.
6 million.
Counting demoralized job hunters who are not considered by the government as unemployed, along with the part-time labor force, the underemployment rate swelled from January's 13.
9% to 14.
8% in February.
This category reached its fifth straight high record this year.
Records show that cut in total working hours showed good results and the ever-growing population of part-time workers are sure signs of an economy that will more likely continue to slacken.
Gilliam said that workers struggling with part-time jobs will find their paychecks insufficient to settle their bills.
This will force them to cut their spending which will eventually lead to further decrease in business revenue and, as a result, more layoffs.
In the last three months alone, more than 83% of U.
S.
industries have to downsize their work force.
What has started in the financial, manufacturing and construction sectors has now crept its way to every industry.
S.
economy went on to lose more jobs last February, taking the head count to a total of 3.
3 million lost jobs since September last year, and making it the highest unemployment level recorded in a quarter of a century.
New records set 651,000 employees got the ax in February which, according to government figures, is a bit lower than the 655,000 lost in January.
The number of jobs lost last December reached 681,000, the highest loss for a single month in 59 years.
Unemployment level climbed from 7.
6% to 8.
1% in February and was the highest recorded job loss rate since 1983, exceeding the 7.
9% predicted by economists.
A total of 4.
4 million Americans lost their jobs since the beginning of 2008.
A nationwide survey of families yielded a record of 12.
5 million unemployed people, the highest number found since 1940.
According to Adecco Group North America CEO Tig Gilliam, while the reports coming in look grim, more job losses are still expected in the coming couple of months.
There have already been plenty of layoff announcements which have not been carried out yet and employers expect unemployment levels to reach a high of 9% by the middle of the year.
Not yet over the hump Wachovia chief economist John Silvia said that the clobbered labor market hasn't touched the bottom yet.
As much as he wants to believe that the worst part has been reached, he suspects the pattern will go on in the coming months.
According to a statement released by the Obama government, massive unemployment and the current economic crisis are the reasons for Congress to act quickly in passing a stimulus package last month.
Some economists, however, expressed their doubts that the stimulus package will be an effective deterrent against further unemployment problems in the future.
Sung Won Sohn, a Cal State University economics professor, said that the package may not immediately affect job generation but could offset further job layoffs.
He said that majority of the jobs that can be created by the $787 billion government allocation may not be fully realized until 2010.
Underemployment also on the rise Job seekers who can't get full-time employment or had their working hours reduced accounted for the part-time workers which numbered 787,000 last month, bringing the total to 8.
6 million.
Counting demoralized job hunters who are not considered by the government as unemployed, along with the part-time labor force, the underemployment rate swelled from January's 13.
9% to 14.
8% in February.
This category reached its fifth straight high record this year.
Records show that cut in total working hours showed good results and the ever-growing population of part-time workers are sure signs of an economy that will more likely continue to slacken.
Gilliam said that workers struggling with part-time jobs will find their paychecks insufficient to settle their bills.
This will force them to cut their spending which will eventually lead to further decrease in business revenue and, as a result, more layoffs.
In the last three months alone, more than 83% of U.
S.
industries have to downsize their work force.
What has started in the financial, manufacturing and construction sectors has now crept its way to every industry.
Source...