Elaborating on Unemployment

For the past few years, the recession has had an effect on the hearts of many Americans due to job loss, home foreclosures and possibly bankruptcy. Unemployment and the decline in job opportunities leads many into a larger slump, all-the-while affecting the US economy. The New York Times reports that private employers cut nearly 39,000 jobs this previous September, compared to the 10,000 lost in August. While the Los Angeles Times elaborates by adding that the increase is due to enormous budget pressures and that there is minimal hope for hiring gains the rest of the year. Though unemployment severely increased, USA Today reports applications for unemployment benefits has decreased the fourth time in 5 weeks and the rate of jobless Americans is predicted to shift from 9.7% to 9.6%. Though the numbers appear inconsistent, it seems to indicate employers are willing to step up in hiring new employees.

(Source: Labor Department, USA Today)

(Source: Labor Department, USA Today)

Charts indicate shift in unemployment applications from September to October 2010.

-Ida Corporal 10/7/2010