Number of Jobless in the US Reaches 25-year High
Unemployment rates continue to rise despite releasing billion-dollar worth of stimulus package to American community to boost economic activity. According to a recent study, unemployment rate in February rose to 8.5 percent from 8.1 percent in the previous month, with a total of 5 million people who lost their jobs.
A new research showed that number of unemployed people in the United States has now reached its peak making the current recession as the second longest since the 1930s, the highest in 25 years.
In a Bloomberg report, economist said that the US jobless rate scaled from 8.1 percent to 8.5 percent in February. Records showed that a total of 5 million workers have been displaced by companies all throughout the US after some 660,000 people have been removed from payroll.
The Bloomberg report was release several days prior to the April 3 report of the US Labor Department, adding that blue collar outputs are projected to further decrease as manufacturers cut workforce in the coming months to augment company loses.
The manufacturing business is the most clobbered in the crisis, said Senior Economist Mark Vitner of Wachovia Corp. in Charlotte, North Carolina. He added that the economy, going into the 17th month of recession, would surpass the slump of the 70s and 80s should the problem persist until April.
Despite being tagged as the new Great Depression, the magnitude of the crisis is still undetermined, the expert said. The last 16 contraction in the manufacturing business has also greatly affected the automobile industry.
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