December 4th, 2008 [ Comments ]

High Unemployment Rate: A Bleak Picture for Job Seekers

One of the key economic indicators that tell a story behind an economy is the unemployment rate. As of November 2008, the United States has experienced unemployment levels not seen since 1994 as American companies cut back on expenses, slash payrolls, and literally put thousands of workers to “the streets”. This sets the background for the sharpest decline of the economy in decade. It will be tough to get out of this financial rut for many years to come. The jobless rate in October 2008 rose to 6.5% from 6.1% in the previous month. Companies slashed 240,000 jobs in September and 284,000 jobs in October, the largest two-month loss since 2001. As the surge of job loss continues, the government is pressured to put together an economic plan that will help America’s unemployed.

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