Friday, March 5, 2010
Jobs report shows unemployment unchanged
The Labor Department reported that the economy lost 36,000 jobs in the month of February, that is 32,000 less than what job economists had predicted. However the results were still worse than those of the month of January (26,000) and there was no significant change in the number of unemployment rate which held steady at 9.7%. The government is attributing the winter storms in the East Coast for part of the fall, claiming that many businesses were temporarily shuttered and many workers had to stay home without pay. Among the sectors that took the biggest hit as a result of the blizzard were the retail, construction, and factory sectors.
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2 comments:
This article is a good example of why unemployment, while a useful tool, is still flawed. Unemployment takes into account many unaccountable variables such as weather. This article parallels well with discussions in class.
I feel like when people see what the unemployment rate is they freak out and do not look at other factors of the economy. I think that it is a good sign that we overestimated job losses, however unemployment is still too high. Even though it is good that not as many people lost their jobs i think there are a lot of things that need to be fixed and need to be focused on to get the UR down.
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