According to the U.S. Department of Labor, the seasonally adjusted initial jobless claims for the week ending on November 14, 2009 equaled the number for the week ending on November 7, 2009. While fewer layoffs are welcomed news to the U.S. economy, the more immediate concern must be the thriving unemployment rate.
In recent weeks, the initial jobless claims number may have stabilized. In fact, the Labor Department has reported 505,000 seasonally adjusted initial jobless claims during the past two weeks. As a whole, U.S. companies may be in an economic period in which fewer layoffs are now the established norm. Hopefully, there is no further spike in the initial jobless claims before this economy can establish stable economic growth.
Nevertheless, job creation must continue to be a top priority. Currently, there are too many Americans out of work. In fact, the 10.2% unemployment rate is very troubling in this technology age. At this time, the government must continue to strive to reduce the unemployment rate because the business community has been unable to do so. Therefore, the Obama administration, state and local officials have a duty not only to ensure that the unemployed have access to job training, but also that the unemployed can find immediate work by building bridges to expand our highways or by protecting our borders from unwanted attacks.
Unfortunately, many businesses are not seeing the demand necessary to expand their employee rosters. Many people cannot afford to spend enough money to keep this economy afloat without a decent job. However, job creation in the government and business sectors can help the economy grow faster with fewer expected layoffs in the near term. The average working person has to spend some money, even if the individual can afford to save a good portion of his or her paycheck. Remember, unless the unemployment rate decreases significantly in the upcoming months, economists should not rule out the possibility of another recession.
By Jason Cunningham – examiner.com
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