Skyrocketing Unemployment Rates…Too Many Americans Out of Work
The U.S. economy has yet to hit its bottom as unemployment rates soared to 6.1% this month with the loss of some 84,000 jobs in August alone. Although the news was expected to be bleak no one had anticipated that the unemployment rate would reach its highest rate in the last five years with approximately 605,000 jobs being lost since the first of the year.
The DOW reacted negatively in anticipation of the news falling some three hundred points on Thursday. Although I expect there will be more bad news to come as the gross excess of over-building in real estate and care-free/non-restrictive lending continues to negatively pepper the U.S. work force. These excesses will continue to drag America’s overall economic condition down for a while more yet. As the political race heats up, I believe the initial news will worsen before it gets better sometime near the Spring of 2009, when I expect the economy will begin to show consistent signs of strength and growth.
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