UP Ibalon Bicol: US unemployment expected to surge close to 10%

US unemployment expected to surge close to 10%

10/02/2009 | Posted by mesiamd | Edit Post

Since the stimulus measures that bailed out financial institutions, banks, housing and the auto industry, the ordinary American on the street continues to suffer. The latest unemployment number shows that 3 million jobs were lost since the bailouts raising anew the doubts that pester the Obama administration.

“The Labor Department is scheduled to release unemployment figures for September on Friday. Wall Street economists expect the rate to rise slightly to 9.8 percent, from 9.7 percent in August. Employers are forecast to have cut 180,000 jobs, which would be the fewest since August 2008.“ Myway (10/02/09, Rugaber, C.S.; Crutsinger, M.)

In spite of Barack Obama’s assurances and many economist's rosy predictions, the economy is not improving to come out quick from recession. The dismal job data indicates that employers are not enthusiastic to make new hires. Factories and businesses are finding it hard to make a rebound from a down economy. (Photo Credit: Ben Heine) =0=

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