Unemployment hits 9.7%

Wow, the unemployment number is now 9.7%. 

 

For younger American’s, most have not seen economic times that feel this bad.  Although this is the longest recession since World War II, it feels very similar to the early 1980’s when the USA lived through the Jimmy Carter recession.  Thus, for Americans under 30, the recession of the early 1980s is something they study about in history books.

Yet, this recession is current, very real, and certainly is making an impact on people’s lives at an unemployment level of 9.7% nationally.  Moreover, some states like Michigan are in much worse shape, and seemed to have little prospects for an immediate improvement in their economic situation.

Despite the optimism that the recession may be technically over with lagging job loss, for those without jobs it still feels like a recession.

As I interview for open jobs we have at my company, one thing is very clear.  The people looking for jobs seem to be higher wage earners.  It’s anecdotal for sure, but I see very strong wage earners looking for employment and wondering how they will keep the same level of pay.  As often happens, the people that are working for higher wages are easy to let go in favor of lower earning employees that do the same job.  When employers realize they can live without these higher wage employees, they are not going to be quick to rehire.

Hopefully, the recession is at or nearing a true end.  Yet, I still can’t but help to believe this is going to be a double dip recession.  Our national debt is so high; something will have to give economically at some point.  I still expect inflation to kick in somewhere down the line, maybe in 2010 and send us back into another recession?  I don’t know the future, but I still know a country can’t spend its way to prosperity.

2 Responses to “Unemployment hits 9.7%”

  1. Mandy Milan Says:

    I believe a second recession is inevitable. The mortgage ARMs are going to hit in 2010-2011 causing another wave of foreclosures. We’ll be lucky to pull out of that by 2013.

  2. EagleEyes Says:

    Google the “new world order” please people ! is anyone out there willing to change the world for the better?

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