The status of US economy and the unemployment situation
Since the great recession of 2007-2009, the sufferings of the country have simply increased rather than diminishing with time. The national debt along with the household debt have increased so much that the country is under a tremendous pressure. The country has lost its status as the greatest economic power. In addition to the slowdown of the economy, another most important problem that has been increasing the people’s sufferings is the unemployment problem. As a result of unemployment people have incurred so much of debt that most of them are opting for bill consolidation in order to pay off their debts.
The unemployment problem
With the advent of the New Year (2011) people had started to see some improvements both in the country’s economy and also the employment rate. That is what the economists and the financial experts had opined.
People had been laid off from their jobs as the recession hit the country. But, joblessness has been worrying the government and also the people more than the downward economy in general. Unemployment is considered to be the greatest problem that should be solved in order to further improvement the country’s economy.
But as per reports, the rate of unemployment has improved than what was last year. The unemployment rates fell in April in almost more than three-quarters of the nation’s states, adding fuel to the idea that the companies are feeling much more confident about the U.S. economy.
As per the reports of the Labor Department, the unemployment rates actually dropped in about 39 states in the month of April. This is considered to be the largest number of states that experienced the decrease since the November of 2003.
Other than this, the employers started taking workers in almost 42 states which is considered t bet the best number since March, 2007. In comparison to this, only eight states lost jobs in April, 2011. On an average, the businesses in the country have been able to add more than almost 25,000 jobs per month. The rate of unemployment is also said to have dropped by almost 1% since November, 2010. But still there are scopes of further improvements as the unemployment rate is considered to be high at 9%.
States like Nevada, New York, North Dakota saw improvements in the unemployment rate. In fact, North Dakota has had the lowest unemployment rate amongst the states. The unemployment rate of this state is only at 3.3%. This state has been able to benefit immensely from oil production, which is considered as the state’s one of the topmost industries.
On the other hand, New York experienced almost 45,700 additions in jobs in April and this number is considered to be the highest amongst all of the states. Texas came next to New York as it added 32, 900 jobs and in the third position came Pennsylvania that gained around 23,700 jobs.
Again, Nevada has reported that it has experienced the biggest monthly drop in the unemployment rate amongst all of the states. Despite this decline, the unemployment rate in Nevada was 12.5%, which is considered to be the highest in the nation. New Mexico and Oklahoma too reported big monthly decreases in the rate of unemployment.
Some other states that reported low unemployment rates are South Dakota, Nebraska, and New Hampshire. Though the job market has been improving for most, some states even lost jobs like Michigan, South Carolina, and Minnesota. Actually the main thing is that millions had experienced job loss after the recession and thus it may take some more time till the job market actually improves.
Related posts:
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- Obama ‘confident’ on economy vote
- US economy suffers sharp nosedive
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Posted by Sam
on Jun 8 2011. Filed under News, Personal Finance.
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