Unemployment is up to 12.9%, contradicting what is circulating to be 9.6%, accroding to Parker Spitzer. Overall unemployment is high ,which is quite depressing for unskilled workers, especially for those with less than a college degree.
5.9 millions workers were discouraged, and if these workers were actively searching for jobs, the figure would shoot higher.
Government borrowing and spending are suggested at this moment since businesses don't want to invest, and consumers don't want to consume. Even though it is encouraged that this is the time to spend, it is most likely that consumers might not have the stimulation to do so since many are in deep debts.
The US has a very wide range of both structural and frictional unemployment, as bigger, inner-cities have been having trouble with graduation rates, thus producing a larger group of unskilled workers. But, also, the economy is suffering and several small, service-based businesses are folding and creating the structural unemployment.
ReplyDeletethe high unemployment rate might be because of a lull in seasonal employment. Farm workers and other agricultural jobs are winding down, and factory and retail stores that have not yet begun hiring for the holiday rush. While i do not think this is a major contributor it is probably contributing to the high unemployment rate.
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