Jobless rate over 10%…highest in over 16 years

I understand the events that happened at Ft Hood, are devestating and will be disected by the media over the next week, I think its important not too lose focus on other events inside the U.S, and to bring to light that the unemployment rate has surpassed 10 percent for the first time since 1983 — and is likely to go higher.

Nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has apparently ended according to congress.

Many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.

The good news, we are going to into the holiday season which still usually means big bucks for retailers, unfortunelty with the economy it will most likely lead to a higher crime rate as well ie:Theft.

While the unemployment rate hasn’t yet topped the post-World War II high of 10.8 percent set in December 1982, many experts say this recession is worse.

The unemployment rate was much lower when the recession began — 4.9 percent in December 2007, compared with 7.2 percent in July 1981, when a brutal downturn started. That means the current job cuts have been much steeper to get to the 10 percent mark.

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Published in: on November 6, 2009 at 8:09 am  Leave a Comment  
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