U.S Unemployment Curse Continues.
2009 Jan 7.6
2009 Feb 8.1
2009 Mar 8.5
2009 Apr 8.9
2009 May 9.4
Commenting on the employment figures for May, 2009, the Bureau of Labor Statistics of the U.S. Department of Labor reported. “ The unemployment rate continued to rise, increasing from 8.9 to 9.4 percent. Steep job losses continued in manufacturing. Since the start of the recession in December 2007, the number of unemployed persons has risen by 7.0 million.”
In spite of the unemployment rate edging up to a twenty five year high, some economic experts seem to be encouraged that employers only got rid of 345,000 people from their payroll. At the least, I am pleased to hear vice president Biden as saying, “lower job rate loss is not our goal. Less bad, is not how we are going to measure success.”
It has been my belief for some time now, among other reasons, that deregulation of the U.S. economy coupled with the economy focusing on finance , while shying away from manufacturing are the root causes for the dire situation the U.S. finds itself in at the moment.
What is totally unfathomable about the U.S. economy, is the disconnect between the rallying of the stock market and the millions of Americans loosing their jobs. It is as if we are looking at economies of two different countries. Dare I ask, how on earth is it possible that the unemployment figure has no impact on the Dow Jones?
I am afraid Obama’s rhetoric is not matched by performance, when it comes to regulation of the economy and making an impact on the ever rising unemployment figure. Understanding that a very high percentage of all domestic economic activity is a result of consumer spending, then, the focus should be to immediately find ways to create employment.
By its own admission, the White House says America’s employment picture is worse than what Obama administration had anticipated just a few months ago. I only hope, president Obama and his advisors have come up with solutions that match the gravity of the problem.