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Sunday, September 6, 2009

Unemployment Hits 26-Year High

From The Hoss's Mouth

The US jobless rate reached a 26-year high according to government reports. August had a net job loss of 216,000 jobs, bringing the total job loss since the beginning of 2008 to 6.9 million. The current unemployment rate is 9.7%.

The silver lining in this dark cloud is that fewer jobs were pruned in August than in July (216,000 vs 230,000). In addition it was the lowest job loss since August 2008.
Christina Romer, Chairwoman of the White House Council of Economic Advisers, kept a positive outlook by saying it (job losses) is still a terrible number but it is certainly showing those job losses moderating and that really is what is important. In her opinion this demonstrates that the stimulus package is working and they (government officials) will continue to monitor the situation.

The only sectors to show an increase in employment were health care and education. Construction, manufacturing, financial services, government and professional services all incurred job losses.

It is usual for teenagers to have difficulty in finding summer jobs and this may have an effect on the record high unemployment percentage. For example, the teenager unemployment figure for August was 25.5 % versus 10.1% for adult males and 7.6% for adult females.

It will be interesting to see what next months figures bring, but let’s hope that with students returning to school and perhaps a continued decline in job losses that we will see a meaningful drop in the unemployment rate.

Stay on Track,

Money Magazine Hoss

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