Unemployment Rate Hits 10.2%
New unemployment rates are the highest the United States has seen in 26 years.
In September of 2009, the United States unemployment rate reached 9.8%. Christina Romer, chairwoman of the White House Council of Economic Advisors commented on the country’s jobless rate last month during a hearing of the Joint Economic Committee of Congress. In her address, she estimated that unemployment rates would peak at 10.1% midway through 2010.
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But according to the Department of Labor’s monthly economic appraisal released on Friday, November 6, Romer’s prediction has already been surpassed. The appraisal found that the unemployment rate is currently 10.2% ─ the highest it has been in 26 years.
The state of the economy
The economic landscape has slowly improved since the recession’s peak last winter, largely because of the American Recovery and Reinvestment Act, which has pumped more than $787 billion into the economy since February. Experts still believe, however, that the full effects of the recession will not be gone until deep into 2010.
The unemployment rate has been rising steadily due to the increasing number of people seeking work without the availability of more jobs. It is estimated that 100,000 new jobs need to be created every month just to keep up with population increases.
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Biggest market changes
The Department of Labor’s economic assessment states that the biggest losses in jobs came in construction, manufacturing and retail sectors. One industry that actually expanded was healthcare, with more than 29,000 jobs created. Another area that saw growth was temporary workers, with 34,000 new jobs. Analysts believe this trend could mean that business owners are willing to begin expanding once again.
The economic assessment also factored in what is known as the underemployment rate. This statistic factors in all part-time workers, the jobless and individuals who have given up on their job searches. In October, this rate hit 17.5%, the highest it has been since 1994.
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