Unemployment Rate in the US Still High despite Government Efforts
It will be a happy holiday season for Americans this year since more jobs were created last month, analysts say. From a sudden drop in employment opportunities hitting a year low in the past few months, the US was already flirting with an economic uncertainty. However, thanks to the efforts of the government the unemployment rate is now stands at 8.6%.
It’s not all good news for America though, as there are still jobless claims being submitted to the government. Reports say that with 14 million Americans without a job, the market has to add over 200, 000 jobs per month to bring down unemployment.
The financial crisis in the Euro zone is not the only one to blame in this scenario though. Since the world has been wrestling with an economic crisis, a lot of businesses had to streamline their workforce. What is worse however is that the financial crisis in Europe will likely slow down the economic growth of the United States in the next 2 years.
This is certainly bad news for the people and also bad news for the current president whose chances to be re-elected in the coming Presidential elections are based on an improvement in the US economy.
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