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There are more things Lucilius that frighten us than injure us and we suffer more in imagination than in reality. By Seneca Find out about Depression Jobless Rate
Does This Symbolize A Beacon Of Hope?
From the time recession was formally announced in December 2007, the employment juggernaut has been steadily rolling downhill. And, October saw the worst unemployment rate of 10.2% in the last three decades – it touched a two-digit figure, once thought of as improbable.
But November has come as a breath fresh air in the unemployment scene, reeling under layoffs and unemployment. It recorded the first drop in the jobless rate and clocked 10%, rekindling hopes that the worst is over. The analysts are hailing this as the best finish to the worst year for the American economy.
The Labor Department has confirmed this, saying, November saw the least layoff of 11,000 jobs, since the start of the economic crisis. This relief, though marginal, was enough to bring down the unemployment rate from 10.2% in October to 10% in November. Though the percentage difference is nothing to feel euphoric about, the downward trend itself is an optimistic development in an otherwise bleak environment.
One swallow doesn’t make a summer. Not all concerned are heaving a sigh of relief with this upbeat turn of events. Economists caution that a month’s favorable number cannot be construed as the beginning of the end of recession. Some are even predicting worsening of the scenario with unemployment rate peaking at 10.5% in the first quarter of 2010.
President Barrack Obama is joining the cautious yet optimistic brigade. He said, “The trend line right now is good, the direction is clear. But good trends don’t pay the rent. We’ve got to actually grow jobs.”
The severe drought experienced in the job market is one of the obsessions of the present administration. The political backlash of the problem is pushing it to the forefront, calling for immediate attention from all concerned. There are hints of tax credits on the anvil to small businesses for creating job opportunities. The other incentives in the pipeline are tax reduction for expenditure on new infrastructure development and enhanced financial assistance to local and state governments.
A perusal of sectorial unemployment rates bring in a mixed bag of results. While the service sector is on the upswing for the second straight month, both construction and manufacturing sectors are still going downhill. The most encouraging trends are seen in healthcare, education and some selective business services. Another reassuring fact is that the temporary workforce is growing in strength for the fourth week in a row.
Numerous encouraging stories are doing the rounds, giving hope to thousands of job aspirants. After months of desperate job-hunting and ensuing depression, many have found the means to earn their daily bread and butter that will keep them from keeling over into the abyss.
In spite of the upbeat atmosphere in the employment scene, many employers are embracing the ‘wait and watch’ approach. They are holding out to see whether this trend will last without governmental backing. The projected hiring of many companies for 2009 is less than that of 2007. Most companies did not even spell out any projected figure for 2008 due to the dismal economy.
The industry-watchers are of the opinion that though hiring does not mirror recovery of the employment sector, the economy’s rally is bound to cause ripples in the coming months.
Despite these favorable signals, there is much distance to traverse to negate the setbacks caused by the recession. In November, an estimated 15.4 million Americans are jobless, which is almost double the number at the beginning of economic slowdown.
Nevertheless, the November figures are standing tall like a beacon of hope driving away the enclosing darkness.
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What is the REAL unemployment rate?
According to John Williams, Founder of Shadow Government Statistics, the jobless rate is a full l0 percent higher than the government is reporting.
He says that by April, we will have the very worst economic situation since the Depression in terms of joblessness. There is no RECOVERY, except for Wall Street, the major banks, and the health insurance and pharmaceutical industries.
http://vodpod.com/watch/1366147-economist-john-williams-on-real-unemployment-rate
In my county in Florida, the official unemployment rate is at around 16%. But as a former unemployment adjudicator, I know differently. The official stats do not include those folks who have exhausted all of their unemployment benefits, those who are working part time but need to work full-time, underemployed folks who were making $15 per hour but got laid off and they had to accept minimum wage jobs, etc. I know my labor market information well. The actual unemployment rate in this particular county is probably over 20% by my estimates. It may even be worse than that. These are very hard times in Florida. People want to work but there simply is none available anywhere here. The job section in the paper is much less than a page now. Sometimes it only consists of five or six jobs and those jobs are either work from home scams or they are jobs for nurses with over 5 years experience. And that's about it. Work from home scams and a couple nursing jobs. So where is a guy to work? Who knows. Nobody knows. On top of that, an article in the paper today said the commercial real estate market is really starting to crash here. Crime has already increased here. It can't get much worse but I know it will. Yeah, those government unemployment stats are complete B.S.
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