The job report from the Labor Department shadowed new doubts about the growth of the economy. Employers added just 39,000 jobs in November a substantial decline from the last month. The unemployment rate increased to 9.8% from 9.6% due to more people joining the labor force. The private sector added only 50,000 jobs offsetting the 11,000 jobs lost due to local government budget cuts. The future does not seem that good for the unemployed, according to Goldman Sachs economists the unemployment rate will continue to remain at a high 8.5% until the end of 2012.
Saturday, December 4, 2010
Jobs Setback Clouds Recovery
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The unemployment has grown and is expected to remain high. The short term future for unemployment is pessimistic but nobody ever expected a sudden decrease in unemployment rate.
ReplyDeleteCreating jobs in an economy is a slow process.
This article discusses consumer sentiment which is critical in an economy that revolves around consumption. When looking at this specific aspect, there does appear to be a bit of optimism as consumer setiment increased in November. In addition, auto sales, home sales, construction spending, factory out, and corporate profits have all increased.