The U.S. unemployment rate soared to 7.6% with 600,000 new employees out of work.
Daytona Beach, FL (JusticeNewsFlash.com)–The New York Times reported on Friday the posting of the soaring unemployment rate by the U.S. Department of Labor. The United States unemployment rate hit the highest rate in 16 years rising to 7.6 percent. In January, 598,000 employees across the country found themselves without jobs. The recent job loss rate is sending shivers across the country during an already brutal winter in America.
The federal government stated 3.6 million jobs have been lost since the country landed in a recession in December 2007. Workers finding themselves without paychecks has increased dramatically since the last quarter of 2008. The nation saw a record 500,000 jobs lost per month since October 2008, and the number of Americans filing first time jobless claims hit 626,000 last week, a 26-year high.
Workers are being laid off left and right with companies panicking by cutting payroll as an answer to stay in business. The backwards fight for survival by big businesses and major industry leaders is a self-reinforcing cycle and is causing the economic downturn to intensify. When Americans are unable to collect a paycheck, they are unable to buy goods and services.
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