Job Losses Continue to Rise
With the ongoing recession which greatly hit the labor market, unemployment rate in January reached 7.6 percent, with nearly 600,000 people losing their jobs in just a single month. In addition to this, experts warn that the labor condition may get worse, predicting that unemployed Americans can reach as high as 9 percent before the year ends.
Nearly 600,000 Americans lost their jobs in January, pushing the unemployment rate to reach as high as 7.6 percent compared to 7.2 in December last year.
Economists warned that the alarming rise of unemployment rate in the country could reach as high as 9 percent before the year ends, adding that slight improvements in the labor market can only be felt in 2010.
According to experts, high unemployment rate can result to lower consumer spending which can further aggravate the situation as companies and businesses will further reduce its workforce to cut costs amidst slumping sales.
According to a recent data, there are more than 11.6 unemployed Americans. Half of this number is caused by the massive layoffs in the fourth quarter of last year following the housing industry collapse and credit-crunch.
Most economic sectors are suffering from job losses especially the auto, banks and finances, technology, and retailer business industries. Meanwhile, people working in government, education, and health were spared from the massive layoffs.
Despite the volatile labor condition, market gains rose on Friday as companies and investors remain optimistic that the Congress would pass the stimulus package proposed by President Barack Obama to cushion the impact of high unemployment rate in the country.
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