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Recent Employment Data for the US |
| Date Added: August 02, 2009 03:01:25 AM |
| Author: Roger |
| Category: Business And Economy |
| Despite talks about improvement of the economic situation, unemployment figures are still growing in the US. This tendency can shake the Democrats reputation. Although economic decline is believed to slow down, the unemplyment rate is anticipated to rise and exceed 10% within a year. Increase in poverty and skimpy economic improvement might provide even more grounds for accusing The president and parliamentarian Democrats of misuse of public funds. If the situation continues, the government which has been justifying its expenditure by the attempts to produce new working places and treat the economic instability, will have difficult times, especially during the midterm elections of November 2010. The economic policy of The president supposes investing 787 billion dollars in renewable energy, healthcare, education and vocational training. The government asserts that this measure will help to stabilise the economy and create new working positions. This optimistic vision, however, is not shared by financial professionals. By their estimates, the unemployment will exceed 10% in 2010, and its return to the pre-crisis level (about 5%) can be expected not sooner than in several years. The anticipated development of the employment situation is going to severely affect children, unskilled workers, immigrants, African and Latin Americans. Lawrence Mishel, president of the Economic Policy Institute, is reported to allege that the rate of structural unemployment will entail unbelievable damage to many communities and verbalised his astonishment with the relaxed attitude of American people. According to statistics, since December 2007 the quantity of jobs in the U.S. Has decreased by about 5.7 mln. Although recent months saw a slight improvement of the employment situation and increase of expenditure, the tendency remains without changes, and the quantity of jobs still diminishes. Making things worse, American companies spare no efforts to re-engage workers and introduce know hows into production, thus making their employees redundant. Moreover, the economic deterioration nearly destroyed the economic sector and the automobile industry. Even government intervention is ineffective to recreate nany of the jobs in these sectors. "The rate of unemployment has not reached its critical point, it will persist," contends Mishel. The political debate seems to indicate that the recession is behind us, but we still need to discuss ways out of the real crisis, i.e. to recreate jobs." |
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