Unemployment Rate Climbs

Aside from being the “holiday time of year,” it’s just not a good time to cut UI to those in need. It’s like getting laid off or fired right before the most expensive time of year when planning for festivities, family gatherings, and playing Santa. Nothing like being slapped when you’re already down.

I’m assuming Congress is ‘testing’ the water to see just how many people scramble for jobs as their UI runs out. Then, will they feel justified if the unemployed rate drops significantly enough to prove their point… ?? Or will they feel a bit of remorse for doubting?

I continue to think and feel positively for those that need.

Amplify’d from www.dailyfinance.com

Unemployment Rate Climbs to 9.8% as Job Growth Slows

Posted 8:33 AM 12/03/10
Another grim figure: There was a record 1.3 million “discouraged” workers in November. Those are persons not currently looking for work because they believe no jobs are available to them
Last month, retailers slashed 28,100 jobs. Factories sliced 13,000. Financial firms cut 9,000 and construction companies trimmed 5,000. The public sector eliminated 11,000 positions, mostly reflecting cuts from local governments.
Those adding jobs: health care, with 19,000 new positions, mostly at hospitals. Temporary-help firms added 40,000 jobs, educational services companies added 6,200 positions, and leisure and hospitality expanded payrolls by 11,000.
The economy needs to add at least 120,000 jobs to prevent the unemployment rate from rising.
Economists say it could take until near the end of this decade to drop the unemployment rate to a more normal 6 percent.
Before the lame-duck Congress adjourns later this month, lawmakers are expected to pass legislation renewing aid to the unemployed
Nearly 2 million stand to lose unemployment benefits as the holiday arrives.
Private companies – the backbone of the economy – created only 50,000 jobs. That was down significantly from the 160,000 private-sector jobs created in October and was the smallest gain since January
Employers added only 39,000 jobs last month, a sharp decline from the 172,000 created in October

Read more at www.dailyfinance.com

 

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