BY: Adam Gavriel
Reports are coming out today that the US unemployment rate remained at a very disconcerting 9.1% from July to August. This may come as not so much of a shock to most considering the turn the United States economy took in mid-to-late August. Even though towards the end of the month the Dow almost cracked above 12,000 it took a sharp plunge between today and yesterday back down to near 11,000. No surprise that this came after the job reports that have been coming out since the US announced the 9.1% unemployment rate.
Jerry Harris had this to add about the struggling job economy in the US and how it has affected the market recently: “The jobs number adds weight to the notion that we’ve been in a recession for four to five months,” said Jerry Harris, president and chief investment officer at Sterne Agee Asset Management. “I just can’t see financial institutions as an opportunity–I just don’t think they’re going to have the earnings power for a long time.”
The fear of the fact that United States has failed to add jobs and the struggling market place is leading many economic experts to believe that another recession is right around the corner. That is of course if in fact we aren’t already mired in one.
President Barack Obama is set to unveil a new jobs plan next Thursday.
Reportedly only 17,000 jobs were added in the private sector but these new jobs were offset by the shedding of 17,000 government jobs. This marked the first time in 10 months that nonfarm payroll did not produce a net growth.
Last month analysts believed that the number of jobs would need to double to see a significant decrease in the unemployment rate. Now with the reports of this being the worst month for jobs in the United States since September 2010 it appears that the Nation’s unemployment rate of over 9% will continue to stick around.
Since September 2008, local governments have shed 550,000 jobs.
With nowhere to turn in troubled times, you can always come to Crossroads Consulting where we currently have over 60 openingsin job fields ranging from mechanic to chief marketing officer. Jobs from Connecticut to California and everywhere in between. Even if you come to the website and can’t find the perfect job for you, we invite you to send your resumes in and we can keep them on file and hold it for you until the right fit comes along.
The comfort of summer will soon be leaving (definitely sooner rather than later here in Buffalo) and it will be time to get back on the horse that may have too eagerly kicked you off. In such troubled times as these, everyone knows a friend or a neighbor who can use some help. Our goal is to put the human back into human resources and we mean that on every level.