Friday, March 20, 2009

Unemployment climbs, no signs of leveling off yet

Unemployment continues to rise.  From the Bureau of Labor Statistics, comes this news, "In February [2009], employers took 2,769 mass layoff actions involving 295,477 workers. Mass layoff events increased by 542 from January, and initial claims increased by 57,575. Layoff events for all industries and for the manufacturing sector rose to their highest levels on record. Thirty states reached program highs in average weekly initial claims."

Bloomberg News reported that "the national jobless rate rose to 8.1 last month, the highest in more than a quarter century, and the economy has lost 4.4 million jobs since the recession began in December 2007."  Chairman Bernake said on 3/10/09, that it was “certainly within the realm of possibility” that average unemployment nationwide could rise above 10 percent and stay there for a period of time, reported, Bloomberg.

Source: Bloomberg.com

The Index measures the US unemployment rate on a monthly basis on an seasonally adjusted level. The unemployment rate represents the number unemployed persons as a percent of the labor force. Each month approximately 60,000 sample households are interviewed (a portion is done via telephone) during the week that includes the 12th of the month. Not Seasonally adjusted.

Regional unemployment is climbing in certain areas that include California.  Bloomberg reported today, "California’s jobless rate surged in February to the highest level since 1983 while unemployment in Oregon and Nevada climbed above 10 percent for the first time in more than two decades. Unemployment in California rose to 10.5 percent from 10.1 percent in January, its Employment Development Department reported today in Sacramento. Neighboring Oregon’s jobless rate rose a full percentage point to 10.8 percent, and Nevada’s increased to 10.1 percent."