Saturday, November 8, 2008

Unemployment Climbs To 5 Year High

WASHINGTON — The nation's unemployment rate bolted above the psychologically important 6 percent level last month for the first time in five years _ and it's likely to go even higher in the months ahead, possibly throwing the economy into a tailspin as Americans pick a new president.

A blizzard of pink slips propelled the jobless rate from 5.7 percent in July to 6.1 percent in August, the Labor Department reported Friday. Such a sharp increase is usually a strong recession warning, and it dashed investors' hopes for a late-year recovery.

Worried about the economy and their own business prospects, employers cut payrolls by 84,000 in August, marking the eighth straight month of losses.

So far this year, a staggering 605,000 jobs have vanished _ slightly less than the population of Alaska. The economy needs to generate more than 100,000 new jobs a month for employment to remain stable.

Richard Yamarone, economist at Argus Research, feared that the jobless rate would cause consumers and businesses to "move from a moderately concerned stage to outright fear" and reduce their spending even more.
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1 comment:

Ray said...

Despite all the recent unemployment stats, I see thousands of high paying jobs posted on employment sites -

www.linkedin.com (networking)
www.indeed.com (aggregated listings)
www.realmatch.com (matches you to high end jobs)

Good look to those looking for work!