Unemployment Rising

A recent Labor Departments report has listed an increasing toll to the housing, credit, and financial crises of the US economy.

According to the report the nation’s unemployment rate zoomed to a five year high of 6.1 % in August 2008. Employers have eliminated 84,000 jobs. Proof the troubled economy is hurting workers and businesses together.  With an unemployment rate recorded in July as 5.7% and then a jumped to 6.1% in August it seems this is a growing worry for consumers and could throw the economy off track as early as the end of this year or beginning next year.  Employers also cut their payrolls for the eight month in a row. The government had recorded a job loss of 51,000 for the month of June and July but revised figures show a true loss of 100,000 in June and 60,000 in July. Much bigger loss than what had been recorded prior to. With the economy’s troubles toping Americans worries the White House needs to kick it into gear.

Job losses that were eliminated:

Factories cut 61,000

Construction firms 8,000

Retailers 20,000

Professional/Business 53,000

Leisure/Hospitality 4,000

Source:
Associated Press
7:42 AM September 5, 2008