Recession Still Causing Job Loss

While many factors of the recession are beginning to look better – the stock market is up, house prices holding, service industries recovering, and so on – employment is still suffering. Job losses are expected to continue at least into the middle of next year, driving the unemployment rate above ten percent from 9.8 last month. It could take up to three or four more years for it to fall back to normal levels.

The highest number of jobs lost since the Great Depression has claimed over seven million jobs since it began in December of 2007. Analysts say that over a quarter of a million jobs will likely disappear over the next half a year. According to the Department of Labor, the number of people that are looking for work, plus the number who have either stopped seeking work or are working part-time makes the unemployment rate a staggering seventeen percent.

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