Saturday, September 5, 2009
Job losses ebb, but unemployment up
The unemployment rate is now the highest it has been in 26 years. Fewer jobs have been lost in the past year, but more and more jobs are being cut from payrolls. With less opportunity, the unemployment rate cannot go up, unless people drop out of the labor force. This article provides an overview of some of the factors of why the unemployment rate is so high and how it is connected to our economy's performance.
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This article reflects the unfortunate trend that even when the economy starts to come out of a recession, gains in reducing unemployment tend to lag. Perhaps a more important indicator of the turn around of the economy is the change in number of workers with reduced hours- as companies do better, it is easier to request more hours of their already employed part-time workers instead of hiring new ones.
I have seen so many different statistics about the unemployment rate it is hard to rely on what some articles state. Many people are complaining that the unemployment rate keeps increasing and the stimulus is not working (rightfully so), however, the summer has been a factor in this. More people are looking for jobs in the summertime, as students are out of school and looking for employment. Personally, I have not been affected by this, but I have seen many people struggle to find work. I am curious what part of the healthcare reform will help the unemployment rate. I suppose we will have to wait for the future to see how things play out. Hopefully for OWU students sake, the unemployment rate starts to decline by graduation!
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