Unemployment over 10 percent, and rising
At a time when most businesses are fully employed, unemployment rate has hit a 25-year high. This is the highest it has been since 1983, and prognosticators say that it is going higher.
Almost 16 million people can't find jobs, or are not looking as long as Congress continues to address the impact of long-term unemployment by approving legislation extending jobless benefits for the fourth time since the recession began. This newest bill would add 14 to 20 extra weeks of aid and is intended to prevent almost 2 million recipients from running out of unemployment insurance during the upcoming holiday season. President Barack Obama is expected to quickly sign the legislation.
One economist stated that although this seems to be the only thing our government knows to do, it really is just putting off the inevitable. It's like putting a band-aid on a cut artery.
According to "government experts," we have lost jobs in the worst recession since the Great Depression ended.
The U.S. Labor Department reported Friday that the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. August job losses were also revised lower, to 154,000 from 201,000.
If those who have settled for part-time jobs or stopped looking for work were considered in the loss of jobs, the unemployment rate would be 17.5 percent, the highest on records dating from 1994.
The official jobless rate rose to 10.2 percent from 9.8 percent in September. Some economists say it could climb as high as 10.5 percent or higher in 2010 due to employers remain reluctant to hire as they keep salaries lower.
The Christmas season is well known for one of the highest times of employment, both full-time and part-time. This just isn't happening among retailers since they are attempting to stay in business with a smaller pay-out for full and part-time employees.










