"Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought "
Unemployment rate rises to 10.2 percent!
“…it’s going to get harder before it gets easier.”
In September the unemployment rate was at 9.8 percent. Many economists had not expected the unemployment rate to reach 10 percent so fast. Many economists had expected that by mid-2010 the unemployment rate would bet at 10.5 percent, but since unemployment rates are rising quickly they are expecting that it will hit 11 percent. The Labor Department surveyed people and found that 558,000 more people became unemployed and that about 15.7 million Americans are out of work.
Many small businesses are cutting down their employees. An example is, a small homebuilder business in Virginia who has had to cut down their employees from 350 to 100. 60 percent of employers are small businesses and because of many small businesses not hiring or firing people, it is harder for the economy to get any better.
In order for the economy to get better, people have to spend money, but with the unemployment rate rising, it is understandable that people are most likely to conserve their money.
Unemployment rate rises to 10.2 percent!
“…it’s going to get harder before it gets easier.”
In September the unemployment rate was at 9.8 percent. Many economists had not expected the unemployment rate to reach 10 percent so fast. Many economists had expected that by mid-2010 the unemployment rate would bet at 10.5 percent, but since unemployment rates are rising quickly they are expecting that it will hit 11 percent. The Labor Department surveyed people and found that 558,000 more people became unemployed and that about 15.7 million Americans are out of work.
Many small businesses are cutting down their employees. An example is, a small homebuilder business in Virginia who has had to cut down their employees from 350 to 100. 60 percent of employers are small businesses and because of many small businesses not hiring or firing people, it is harder for the economy to get any better.
In order for the economy to get better, people have to spend money, but with the unemployment rate rising, it is understandable that people are most likely to conserve their money.
Wow it finally happened the unemployment rate has gone to a double digit. Believe or not the rising of the unemployment rate is inevitable. Democrats have to watch out now the Republicans have an advantage. They found their scapegoat, now they could point a finger and say that the Demcorats and the Obama administration is not doing a good job because the unemployment rate is rising.
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