US jobless rate highest in 25 years

The nation’s jobless problem is getting worse, the official figures showed these hard times. Layoffs are spreading to almost every sector of the economy and also businesses are faced with falling orders and rising losses. The economy has lost a great deal of million jobs, namely 4.4 million US jobs since the recession began in 2007, more than in any other postwar recession. Most economists say they don’t expect to see much progress over the short term.

US unemployment has reached the highest rate in a quarter of century, namely 8.1 per cent in February. This is the highest level since 1939, so more than 650,000 posts have been shed in three months time. Investors predicted these figures, the US job market is totally scourged in their view.

Economists and policymakers affirm that there isn’t absolutely any bright spot in this dismal news. The consumers in America are suffering severely, so isn’t there a note of optimism? Fortunately president Barack Obama reached a solution, 787 billion dollar stimulus, this bill would create lots of jobs and rescue the economy by this large fiscal boost. The White House predicted in its budget that the joblessness reached the average for 2009, but some claimed that this forecast was too sanguine.

The joblessness have surges very fast of late years as US companies have moved quickly to retrench their workforces. These movements in the labour market bring about problems in the rest of the economy, and so more job losses and the unemployment rises.

This article shows that the economy is indispensable in a country. Joblessness has a lot of consequences for the man in the street, so a solution of the government is absolutely necessary to rescue the US job market. The measures who were drew up by the president are a good option, joblessness doesn’t fit with economy.

Written by Marie Maes

Source: The Financial Times – 6 March 2009
Article: US jobless figure is worst for 25 years
By Alan Beattie in Washington and Alan Rappeport in New York