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Unemployment 6.7%; Half million jobs lost. December 5, 2008

Posted by neoavatara in Politics.
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A little humor in a NOT so funny situation...

A little humor in a NOT so funny situation...

http://www.nytimes.com/2008/12/06/business/economy/06jobs.html?_r=1&hp

The recession is in full swing.  This is the biggest job loss since 1974 in absolute numbers, and is the largest percentage wise loss since the early 1980s.  However, to put it into perspective, historically this is the 41st worst jobs numbers by total percentage…so take it in stride.

Job losses are now affecting every major economic sector.  The services sector was holding up quite well until this Fall.

Mr. Obama responded with strong support for his stimulus plan.  Under the stimulus plan, more than half the money would probably be channeled into public infrastructure spending. Many economists consider such investments an effective way to counteract, through federally financed employment, the layoffs and hiring freezes spreading through the private sector.  Other economists are wary…infrastructure spending historically takes 2-3 years to enact, at which time the recession is highly likely to be over.

Most economists are now predicting a 8.5-10% Unemployment rate by the end of 2009.  That would be the highest since 1981, and the second highest in the post Depression era.

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Comments»

1. Susan - December 5, 2008

I see high paying jobs posted on popular job sites –

http://www.linkedin.com (professional networking)
http://www.monster.com (keyword job search)
http://www.realmatch.com (matches jobs based on skills)

I think the media is trying to scare the US workforce.


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