America shed more jobs in November than in any month in the past 34 years. If these are the figures to go by then America’s recession is likely to be long and deep. According to the data revealed by the Bureau of Labor Statistics there has been a fall in employment numbers by 533,000. Workers have been shed across almost the whole economy and even the people with jobs have been toiling for fewer hours than before. The only areas untouched were health care and government employment.
This, I feel is a big deal for America, whose unemployment rate rose from 5% to 6.7% since December 2007.
2 comments:
It is a big deal and it is likely to get worse but it is unfortunately probably not the worst it is going to get as investors continue to be unsure of the markets and conditions still appear unstable. Luckily although these numbers are certainly not good and very bad for some they are in no way catastrophic and if the bleeding can be contained by the multiple fiscal packages than the economy should be able to rebound, if not very easily or quickly.
Relative to previous rates, one can argue that these figures can get worse, and that such figures are expected in a recession. Nevertheless, not to say that this not a big deal, still very important and requires attention.
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