Unemployment rate hits 9.4 percent!

Americans jobless rate hits staggering high!

West Palm Beach, FL (JusticeNewsFlash.com)—According to the United States government, job losses have slowed at a significant rate recently, showing the labor market is on its way to stabilizing, giving jobless Americans hope. Although there seems to be a light at the end of the tunnel, the growing recession is worsening, with the unemployment rate hitting a staggering 9.4 percent, which is the highest it has reached in 26 years, as reported by the New York Times.

The U.S. Department of Labor (DOL) http://dol.gov reports over the last month, 345,000 jobs were lost, citing the smallest number of monthly job losses since last September which economists are crediting the government’s efforts to boost the economy. Experts are stating businesses are cutting fewer jobs, but already 6 million jobs have been lost since December 2007, leaving 14.5 million employees, workers, and laborers unemployed.

The slower pace of job losses indicates the economy is leveling off as government stimulus money is reaching business’ budgets and payrolls claim employment and economic leaders. Due to the credit card crisis, an average of 700,000 jobs were lost per month within the first three months of this year, and in April 504,000 jobs were lost, a welcomed sign of decrease and leveling off according to economy experts.

Although manufacturers are cutting 156,000 jobs, and the construction industry is loosing 56,000 jobs, this is an improvement from just month a ago. Last month there was a net loss of 108,000 jobs in these sectors across the country. Economists are expecting job losses to total 520,000 in May, and predict the unemployment rate to drop to 9.2 percent, which is 0.4 percent less then where the rate currently stands.

JusticeNewsFlash.com news for New York employment law attorneys.

About Author