Jobless in US Reaches 13 Million
According to the latest survey, unemployment rate in March rose by 8.5 percent or 12 million employees lost their jobs. In just a month, the report said that more than 663,000 people were laid off as businesses continue to reduce its workforce to cut cost amid slumping sales and low consumer demand.
Unemployment rate in March rose by 8.5 percent or more than 12 million people are without jobs as businesses continue to reduce its workforce to cut cost amid low consumer demand and slumping sales due to recession.
Meanwhile, economic experts warn that unemployment can reach up to 10 percent before the year ends despite the Federal Reserve’s prediction that recession may possibly end in the fourth quarter.
Some analysts also said that 2.4 million jobs are expected to disappear during the first quarter of 2010.
According to a report, more than 663,000 workers were laid off last month and experts warn it could be even go higher if unemployed people will give up looking for new work or some will take part-time employment just to make ends meet.
Despite the slight improvements in the economy following the stimulus bill, experts warn people that businesses will still continue to reduce its workforce in line of cost-cutting measures to keep its finances afloat.
Meanwhile, Americans remain optimistic that their economy will bounce back—this belief is a reflection of their support to President Barack Obama’s proposed economic stimulus packages which can reach billions of dollars to date.
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