Economists: U.S. employment in free fall

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No job for you today my friend…
Almost 600,000 Americans lost jobs in January. The depressing figures, the second biggest jump in the number of unemployed in a month to paint a picture of a U.S. employment in free fall, said economists.

Tough conditions
The soft labor market is a mirror image of the economy’s overall condition, there is still catastrophically low, says the finding by the chief Jacob pond from Sydbank. “Economic growth is strongly negative and the mood of both consumers and businesses are at the lowest levels in decades. The large decline in employment makes a quick turnaround in the economy quite unlikely,” says Jacob pond in a comment.

3 million. jobs lost in 2008
Even senior analyst Peter Possing Andersen believes that a small loss of 600,000 jobs in January cements a U.S. labor market still in free fall. Rising unemployment puts a heavy yoke on consumers’ purchasing power, which is exacerbated by the fact that many fear they will be dismissed in the near future and therefore keep the money.

Desperately needs Obama Economy
The large job loss shows that there is a desperate need for the adoption of Obama financial rescue plan as soon as possible, think Sydbank Jacob pond. He expects the unemployment queue in the U.S. could reach 10 percent. before year end. In Danske Bank expects Peter Possing Andersen also a continued rise in unemployment that will reach 9 per cent. at the end of the year.

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februar 8th, 2009 at 8:55 pm

Posted in economics

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