OpenCongress Blog
Unemployment at 5-Year High
September 5, 2008 - by Donny ShawSome bad news related to the two most-viewed bills on OpenCongress – H.R.5749 and S.2544, via the AP:
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.
If it goes up another .3 percent, we’ll hit the next landmark – the highest rate of unemployment since 1994.
Rating Filter: 5
Comments
WILL THEIR BE ANY 2ND STIMULUS PLAN WITH MORE EXTENSION FOR UNEMPLOYMENT
God I hope so, my husband is a union laborer has worked 2 weeks this year. Usually he is off 2 weeks a year, and makes around 50K now I finally got a perminent job(was working as temp.)making deceint money but it won't be near enough in a month when his unemployment runs out. We're just trying to make it through the winter and trying to keep our home out of forcloser.
I don't know how I would have made it without the help of unemployment. My entire shift was shutdown due to sales. I have not a problem working two jobs, but finding it extremely diffcult finding even one. Without umemployment I would have lost everything. Good luck to all in finding a job and thank goodness for unemployment to hold our hope. god bless to all
Add A Comment