Labor Market Trembles with the Ongoing Crisis
US labor market continues to tremble with the ongoing economic crisis as the number of unemployed Americans rose to record high. With the grim outlook, experts and economists believe that the depressing labor market merely reflects how volatile the US economy is in this period of global recession that hit most industrialized countries.
The US labor market continues to tremble amidst the economic crisis as the number of unemployed Americans rose to record high, according to a recent data released by the Labor Department.
Because of the massive numbers of laid off workers, the agency said that claims for unemployment benefits rose dramatically compared to last month as people scour all forms of government assistance that can help them survive during this financial crisis.
The Labor Department said that insured unemployment rate increased by 3.8 percent during the span of February 7 to 14 from the previous week which has 3.7 percent. This means that a total of 5,112,000 people are receiving unemployment benefits to this day.
According to economists and experts, the depressing labor market is a reflection of how bad is the US economy is since finding and securing jobs becomes harder each day. They also warn that the continuing downward spiral of the global economy will directly affect the labor sector, which further threatens more people to lose their jobs.
Earlier report said that more than 598,000 workers in the US lost their jobs, raising the unemployment to reach 7.6 percent which is the highest for nearly two decades.
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