Unemployment Rate – How High Will it Go?; Highest Since June 1983
Posted on | October 2, 2009 | No Comments
The unemployment rate for the United States reached its highest levels since June of 1983 at 9.8%. U.S. Employers cut 263,000 jobs in September according to the government. The government revised job losses for both July and August to illustrate 13,000 more job losses than reported. The high unemployment rate is viewed as the main reason for the delayed recovery from the worst recession in almost 70 years.
Since the beginning of December 2007, the number of unemployed Americans has skyrocketed from 7.6 million to 15.1 million. The rate at which unemployment is increasing has slowed but companies are still very hesitant with their hiring practices. On a side note, education and health services added 3,000 jobs, but government employment dropped by 53,000.
The housing market has greatly suffered since the July 2006 market top but many analysts feel a bottom has been put in and we are on the road to recovery. Personally, I would like to see the unemployment rate stablize or even drop before I am willing to say that the housing market is on the road to recovery. People cannot buy homes or even pay their mortgage payment if they do not have jobs.
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Author: Jesse Wojdylo
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