Friday, December 4, 2009

Unemployment Rates Looking Up

By: Sara Sindelar

The numbers are in for November and unemployment rate is at 10% which is slightly up from the previous 10.2%. This makes for the smallest drop since the beginning of the recession with only 11,000 jobs. Economist had expected the complete opposite for the month of November for payrolls. Payrolls were up 120,000 against the anticipated decrease of 125,000. “Employment fell in construction, manufacturing, and information, while temporary help services and health care added jobs.” (WSJ). Health care is one of the highest hiring industries during this recession adding up to 613,000 jobs since the beginning of the recession. Though, the manufacturing industry is taking quit the hit from the recession with factory orders declining and jobs decreasing.

Even though Obama is still worried about this high unemployment rate it still leaves us with hope that the number is going in the right direction for now. Though, there are still 15.4 million people looking for jobs that are unemployed with an additional 6 million who want jobs but are not counted as part of the labor force. On top of that 21.4 million there are 9.2 million who can only find part time work that are looking for full time positions. This holiday season is a great time to look for a job according to studies. This is a bug hiring time for employers which will hopefully make for a greater decrease in unemployment rate. This November recorded number may be a light to the end of the tunnel but there are still a lot of problem in the job market and the economy.

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