Asia Bizz: Unemployment Rate Reaches New High At 9.6%, US Economy Still In Bad Shape
The US unemployment situation seems to be worsening by the day, as today the figures showed that the unemployment rate has reached a new high at 9.6%. This an increase in the unemployment rate in the US for the first time in four months. According to the experts, if there is no more sufficient job creation in the US, then the unemployment rate will touch 10% by the first quarter of the next year.
Statistic are showing that the unemployment rate is still unable to recover from the last year’s terrible recession. Business concerns will be hiring people on jobs, only if they feel confident of the economy, but the rate of growth in the economy of the US is really very slow.
During the last month, US was able to provide only 67,000 jobs but then it eventually last some 54,000 jobs. Home sales in the US still stayed weak, even when there were loan program’s and schemes devised by the US government. The jobless claims for the month fell to 472,000, and this was the only good sign for the US economy.