UP Ibalon Bicol: US jobless rate slows, but still high at 8.9%

US jobless rate slows, but still high at 8.9%

5/10/2009 | Posted by mesiamd | Edit Post

Banking on hope that USA is on its way to economic recovery, the Obama administration takes consolation in having less than the expected joblessness for the month of April. The US Labor Department reveals that unemployment rate last month has risen to 8.9%, the highest ever since 1983.

Many of the jobs filled are vacancies in the government bureaucracy and less from employment generated by the private sector. This is in spite of the bail-outs given to shore up the ailing financial health of big businesses. The companies which asked for help from the US government have hardly been rehabilitated.

"This was another bad report. There was a significant deterioration in the labor market again. The job loss is large, it is widespread, it is affecting every industry sector and every demographic group," Commissioner of the Bureau of Labor Statistics," Keith Hall said.---Voice of America News.com (08/09/09, Tate, D)

The data showed 539,000 jobs were lost in April, bringing the total number of unemployed to 13.7 million, up from 13.2 million in March. The half a million job loss was lower than what economic experts earlier predicted. It was unclear why the worrisome employment recond didn’t dampen Wall Street which ended in a positive territory as the week ended.

Americans are soberly waiting for the Obama "magic" to take effect. It's too early to say whether the US economy is on the road to recovery. The huge bail-out money infused into the financial market can't be a guarantee. Americans have learned a hard lesson from the reckless spending prior to the recession. Basically, the ordinary US citizen is on his own, just hoping that those who manage the economy of the country will come out doing the right thing. (Photo Credit: Ben Heine) =0=

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Labels: 2009 crisis, Accountability, economy, employment, financial, joblessness, labor, recession, Totie Mesia, unemployment

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US jobless rate slows, but still high at 8.9%

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