Friday, December 4, 2009

Jobless Rates Down Huge

For those of you who haven't heard this morning or are still sleeping the jobless rate also known as how many people are listed as unemployed had a big time drop off to 10% since employers have already cut all the jobs to be cut there is very little fat left on the cow if you get where I am going.

As an economist I expect the unemployment rate to climb back up a little here and there since we have 15.4 million people still out of work.

"The economy shed 11,000 jobs last month, an improvement from October's revised total of 111,000, the Labor Department said Friday. That's much better than the 130,000 Wall Street economists expected.

If part-time workers who want full time jobs and laid off workers who have given up looking for work are included, the so-called underemployment rate also fell, to 17.2 percent from 17.5 percent in October.

There was other positive news in the report. The average work week rose to 33.2 hours, from a record low of 33 hours. Economists expect employers will increase hours for their current workers before hiring new ones.

The department also increased its job estimate for September, to a loss of 139,000 from 219,000, and for last month, to 111,000 from 190,000.

Temporary help services added 52,000 jobs, the fourth straight increase. That's also positive news, as companies are likely to hire temporary workers before adding permanent ones.

So where do we go from here? Time will tell so place your wagers.


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Henderson luxury homes said...

It's all about survival of the fittest. I believe 2010 is going to be a good year and there will be more vacancies coming up with economy improving gradually. But it also indicates to each and every one of us, not to stop their education even if they get a highly paid job. To keep on learning new things and keep getting courses.