Unemployment Rises, Stocks Fall
According to government records jobless rate is 9.5%, which is slightly less than what was expected, but nonfarm payrolls make 467,000 people jobless.
It was said by the Labor Department that in June US employers have cut down more jobs than what was expected by the analysts raising the unemployment rate up to 9.5%.
It had been the headline number that 467,000 jobs has been trimmed from nonfarm payrolls, investors were also greatly concerned about a decline that is observed in the average workweek, it falls to 33 hours in June from 33.1 in May. It has been indicated by this figure that a growing number of workers are underemployed, implying further declines in wages.
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Baltimore Job Fair Draws Thousands
If there was a scale to measure the growing woes of unemployment in this deepening recession, it would be gauged by the number of job seekers at recent job fairs across the US. Many have drawn thousands of laid off workers and others in search of already limited job openings. The nation’s unemployment rate hit 8.1 percent in February.
One such fair was held at the Baltimore Convention Center this Wednesday, drawing hundreds of people, standing in line for hours just to get in. Maryland’s unemployment rate hit 6.2 percent in January, a 16 year high for the state.
Job seekers, despite the hours long waiting in lines and fierce competition, seem determined to find any offers they can get their hands on. Some have been unemployed for as many as two years, but holding on to the hope of landing a job here.
“I’ll go in there and do what I have to do,” one of the jobseekers said. “I’m going to have a positive frame of mind. … If you go in there and say, ‘Oh my gosh, look at all those people,’ employers will see that. You have to have confidence.”
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