The unemployment rate has jumped over one-half of one percent in the last month. This comes with the news that private employers have cut around 30,000 jobs in the last thirty days. This is the largest loss in over a half of a year.
Gallup has been tracking the level of unemployment and in their most recent study found some very disheartening news: Things are getting even worse, believe it or not.
Despite the bailouts, despite the buyouts, despite the Stimulus the economy continues into its freefall. Furthermore, news has come that oil gained near $85 a barrel as the dollar continues to weaken. Higher oil prices will further lower the economy, despite the gains in Wall Street last month.
Now unemployment is at 10.1%, the highest since April of this year. Furthermore, underemployment is still dangerously high at 18.8%. These two factors are likely to slow the economic recovery even further.
Photo credit Gallup.
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