Unemployment rates are rising at a very fast rate.
The US Unemployment Rate shows us the percentage of people that are considered to be unemployed. The Unemployment rate is the most popular way to give a snapshot of United States labor conditions. The Federal Reserve is always under very high pressure to try to keep unemployment under control. High unemployment rates generally put high pressure on the interest rates. There are several reasons that Unemployment affects the economy, first production, private consumption, workers earnings, and consumer purchase. With a lower unemployment rate employed individuals have pay checks, which leads to them spending money and you will have economic growth as well as happy consumers. High levels of unemployment are connected to lower incomes and lower spending which will cause economic stagnation.
Statistics from US Labor Dept.
In May of 2007 you had 152,350,000 people that were able to work with a 4.5% unemployment rate. In the same month in 2008 that number was 154,003,000 people were able to work with a 5.5% unemployment rate. This rate is expected to rise to more than 6.0% by the end of the year. On the first Friday of every month, the US Labor Department announces the unemployment rate for the previous month. This is probably the most reported piece of data that is widely used to be the single best indicator of labor market strength. Behind these single statistics are several million people. Each of the people that are unemployed is unemployed for their own reason. Some of them are young people, looking for their first job, older workers, who may have been laid off due to downsizing or they just quit voluntarily. Some of these people will be recalled after a short layoff, while others will end up with a new job.
How long will most be unemployed?
During the early 90's the average time to be unemployed was about five weeks. This figure jumped with the onset of the 1990 recession and rose to nine weeks by the end of 1993. During the early months of 1998, when the economy was booming the unemployment rate was still seven weeks. Is this a surprise to you, it may because the unemployment rate was only 4.1%.
In conclusion unemployment rates are at a rise since the early 1990's, with large companies downsizing trying to save money and the smaller business not hiring for the same reason. While you are at home looking for a job or filling out the different applications you can start your own online business. If you decide to start your own online business then you will be out of that unemployed status and you will be able to be a successful business person in the comfort of your own home.
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