Finance Globe

U.S. financial and economic topics from several finance writers.
1 minute reading time (264 words)

Unemployment Rises for November 2008

Unemployment rates in the U.S. continue to creep upward as the economy lost over a half a million jobs last month. The Department of Labor reported on Friday that the jobless rate for November is 6.7%, up from 6.5% in October.

We haven't experienced this level of joblessness for over fifteen years, since September of 1993 according to statistics from the Department of Labor.

The U.S. economy has lost 2.7 million jobs and the unemployment rate has risen 1.7% since the start of the recession in December 2007. 2.2 million workers have been unemployed for the long-term (for a period of over 27 weeks) for November. This is an increase of 822,000 unemployed workers from a year ago.

In response to the recent labor report, U.S. Labor Secretary Elaine L. Chao issued the following statement, "Today's report underscores the urgent need to stabilize financial markets, ensure access to credit and create a positive environment for job creation. We encourage workers looking for help to call 1-877-USA-JOBS and tap the many resources available at the one-stop career centers, which can also be obtained through the Department of Labor's Web site at www.dol.gov."

President Bush said that the November job data reflects that the U.S. economy is in a recession and that his administration will continue to work to address the nation's economic troubles rooted in the housing, credit, and financial markets. He said that frozen credit markets are thawing, and though there is still more work to do, there are some encouraging signs.



Source:
U.S. Department of Labor Bureau of Labor Statistics
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Thursday, 22 August 2019

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