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Recent Employment Data for the US |
| Date Added: August 05, 2009 09:04:25 AM |
| Author: Roger |
| Category: Business: Finance |
| Despite talks about economic recovery, unemployment figures are still rising in the USA. This situation could undermine the Democrats reputation. Although economic decline is reported to slow, the unemployment is anticipated to increase and exceed 10% within a year. Increasing poverty and scarce economic growth can provide even more ground for blaming Obama and Democrats for abuse of public money. If the trend does not change, the government which has been justifying its spending by the efforts to create new working places and improve the economic downfall, will experience tough times, particularly during the midterm elections of November 2010. The economic policy of Barack obama supposes investing 787 bln dollars in renewable energy, healthcare, education and vocational training. The government alleges that this step will help to stabilise the thriftiness and create new working places. This optimistic vision, however, is not shared by economic experts. By their estimates, the unemployment is going to exceed 10% in 2010, and its return to the pre-recession level (about 5%) can be expected not sooner than in a few years. The anticipated development of the employment situation is going to gravely affect children, low-skilled workers, immigrants, African and Latin Americans. Lawrence Mishel, president of the Economic Policy Institute, is said to allege that the rate of structural unemployment will cause enormous damage to many communities and verbalized his astonishment with the passive position of American citizens. According to statistics, since December 2007 the quantity of jobs in the U.S. Has decreased by nearly 5.7 mln. Although recent months saw a slight improvement of the employment situation and increase of consumption, the tendency continues, and the quantity of jobs still diminishes. Making things worse, American companies spare no efforts to re-hire workers and present modern technologies into production, thus making their employees redundant. Moreover, the economic downfall virtually ruined the economic sector and the automobile industry. Even government interference fails to recreate nany of the jobs in these sectors. "The rate of unemployment has not reached its acme, it will be long-lasting," prophesies Mishel. The political debate seems to indicate that the deterioration is about to finish, but we still need to discuss ways out of the real crisis, i.e. to recreate jobs." |
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