U.S Labor Market is in a Terrible State
Unemployment goes beyond excessive crack down and a lot of individual hardly feels the pain as they losses their jobs. Economic crisis has been a global disaster at which the rich and the poor countries are taking the burden in. Well, everybody in this world feels as of like being imprisoned with a critical economic situation.
Many economists who make tough economic analysis arrive in a negative result expecting big declines on the labor market. There has been a shocking decline of 350,000 jobs, the largest as of the past years. 2008 got an average job loss of 118,000 per month but with the past 3 months, it moves to 217,000.
U.S labor market is in a terrible state with which, the unemployment rate increased from 6.5 percent to 6.8 percent and is expected to move further on the coming months.
Ian Sheperdson, who was the chief domestic economist for High Frequency Economics said in a written statement, “It is blindingly obvious that the U.S. labor market is in a terrible state and is deteriorating rapidly to accelerate over the next few months, peaking - hopefully - in the early spring”
He also figured that the decline would move close to 9 percent throughout the year. This really is not a good situation. A lot of big businesses also cut jobs not just a hundred but thousands. Imagine if job cuts continues, how many thousand jobs would a certain country losses in a month or in a year? Would there still be a future for our people?
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