Business

Real unemployment rate
by kristina leskova

Great Recession is the name which is well known all over the world. It is the name which is connected with present economical decline. This recession began in 2007 and it is predicted that it will last also during the next year. What are the biggest impacts? Gross domestic product in the US has decreased by 3,9 percent during last year. Many analysts say that this recession is the worst since the Great depression in the 1930. There was one more recession in the 1980s, but analysts claim that this Great recession is worse than the last. That recession in 1980s existed 16 months. But Great recession began in December 2007 and still did not finish. But anyway it is more than 1! 6 months. But maybe the biggest problem is the unemployment. In July this number was 9,4 percent. In December 1982 it was 10,8 percent. But there is some difference. The number 9,4 percent are people who are officially reported as unemployed. But there are many people who stopped looking for some job because they think that the labor market is so bad that they could not find any job there. The statistics say that 685 000 people gave up to find a job in May. But in July this number was higher – 796 000 people. Another important fact is that there are many people who were forced to work part-time. And these people are not counted as unemployed. Because they need work to be able to survive, to pay for the necessary items. So if they had to choose between unemployment and part-time job their decision was clear. They choose part-time job. So officially unemployed is about 9 percent of the people but some analysts think that the real unemployment rate is higher than 20 pe! rcent.

related story (sgx15250): http://news.yahoo.com/s/usnews/20090827/ts_usnews/isunemploy...

by kristina leskova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 10:59 AM