US Job Loss in January, 2010 stands at 20,000 jobs
Posted by Stephen Cline on February 5th, 2010Job Loss in the US stood at 20,000 jobs in the month of January, 2010 even though the unemployment rate is said to have fallen from 10% to 9.7%. This latest data indicates that the economy is still not out of the woods and that the workability and efficacy of the economic stimulus package could be in serious doubt. This also sends signals that the prospects of economic growth and sustainable recovery may not be all that strong or stable as of now. The report from the Labor Department is said to be one of the most reliable indicators of economic growth and momentum. But the report has baffled many analysts who had been expecting better news. The confusion can be attributed to a report released overnight that seemed to indicate that the jobless rate had clawed down from 10%. But the data was based on household survey and not actual payroll data. The data thus does not meet expectations of a rise in jobs by 15,000 as against a job loss of 85,000 in December, 09. President Obama said that the data was a cause for hope and not exactly calling for celebration as yet. There are a lot of people still without jobs as a fallout of the massive financial crisis of the last 2 years.
Tags: financial crisis, job loss