Friday, September 5, 2008

America jobs still going down the drain

The Labor Department released last months figures for unemployment and it has jumped higher then people expected. people thought unemployment would be around 5% but it is at 6.1%.

This is the 8th straight month of American job lost.

the New York Times pointed out that

So far, 605,000 jobs have disappeared since the start of the year, with employers slashing 84,000 jobs in August alone

The stock market was already down yesterday because of what people new the report was coming and expected bad news. now that the news is a little worst then expect the stock market is staying down.

the job losses are coming even though exports of American made goods go up. why that is I'm not 100 percent sure. could be because the people working are working harder. illegal immigrants are working at the jobs making the products or simply that even thought that market is doing OK doesn't mean it spreads to the rest of the economy.

No comments: