Job Crises In The US As The Unemployment Rises To 10.1%. US Leaders Warn of More Gloom To Come With Record High Mass Layoffs September 2009

November 2, 2009

Increase of mass layoff's bringing the total (year to date) up to 23,745 affecting 2.4 million workers! Over 2991 mass layoffs were instigated by employers in the last quarter of 2009 adding a further 500,000 onto the unemployed total for 2009!

BOURNEMOUTH, ENGLAND, November 02, 2009 /24-7PressRelease/ -- Forecasts from the Financial Forecast Centre show an unemployment rise to 10.1% for the first quarter 2010 indicating that the US job crises is set to get worse in 2010 without a sign of improvement. The current national US unemployment rate has soared to around 9.7% as of September 2009 which is a massive hike from 2006 figures of just 4.7%. The reason for this massive increase is mainly attributed to the financial market and global economic down turn. Official figures quoted for the total US unemployed is around the 8.7 million (5.9%) however this does not account for part time workers unable to find full-time work and long term unemployed (another 6.4 million) bringing the US unemployed total to 9.7%. This means that the unemployment rate has jumped 3.6% in one year from 6.2% September 2008.

September 2009 Sees Mass Layoff Increase
The Bureau of Labor Statistics quoted high 'mass layoff' figures for September 2009 showing that a further 250,000 workers had become separated from their jobs. Year to date shows that there has been a 271 increase of mass layoff's bringing the total (year to date) up to 23,745 affecting 2.4 million workers! Over 2991 mass layoffs were instigated by employers in the last quarter of 2009 adding a further 500,000 onto the unemployed total for 2009! Seven major industries affected by mass layoffs were: construction; wholesale trade; transportation and ware-housing; real estate and rental and leasing; health care and social assistance; and accommodation and food services.

The US Most Respected Experts Forecast More Gloom Ahead
Recent comments and forecasts by leading US officials and economy experts shed more gloom on the state of the US economy and the US ability to get back into a recession and out of a depression. President Obama recently commented on the latest jobless figures stating they are a "sobering reminder that progress to reverse the recession will come in fits and starts" and Christopher Rupkey, economist at Bank of Tokyo-Mitsubishi stated "there are simply no new jobs available, and the harder the jobs are to get, the harder and longer this road to recovery is going to be". As a direct result of the growing unemployment figures Alan Krueger, chief economist at the Treasury Department, has inclined at the possibility of a second financial stimulus package, this is despite strong criticism from Mike Pence, chairman of the House Republican caucus who said "wasteful government spending is not the solution to what ails this economy".

US Unemployment Figures Comparable To Other Western Countries
Although the unemployment figures for the US are dreadful they fall in line with other western countries affected by the global economic downturn. The US current figure of 9.8% can be compared to the UK's current figures of 7.9% (Office of National Statistics) and current UK jobs rate is also down by in the three months to August 2009 by 0.3% averaging at 72.6%. Canada showed a decrease by 0.3% in its unemployment rate bringing it to 8.4% in September 2009 and Europe's area (EA16) showed an overall unemployment rate of 9.2% in April 2009. All the figures show that although the state of affairs in the US is dire - it's a global problem and not isolated to just within America meaning that the solution cannot solely come from within the US. Although the US Government can help alleviate some of the unemployment symptoms the reality is the economy and employment rate will grow in-line with the global markets which are currently suffering the same problems.

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