What should I do now? - Recession and EmploymentTweet
Unemployment Rates are going up
Since the start of the most recent recession in the United States unemployment rates has gone up. This is due to how people have become unable to find jobs in this very difficult work environment.
In the middle part of 2008 the unemployment rate was only about five percent. However, it has gotten to the point in recent time where the rate has gone over ten percent in a few case. The rate had risen to 9.6% in June 2010.
Fewer people are willing to spend money
Businesses of all sorts are having tough times with making money. This is because more people have become conscious about the money that they have. They know that it is very important to work with a good process for handling one’s money because of the risks that can be involved. A big thing to see here is that more people saving their money has caused them to be less likely to spend it and therefore is causing more businesses to deal with less profits.
Businesses that suffer from lower profits will end up having to work with different cuts. This is done as a means of saving money. Some of the cuts involved are ones that deal with who is employed. This is a big reason as to why the unemployment rate is going up.
Unemployment benefits are being lost too
A number of government agencies have become especially concerned about this link between recession and unemployment. This is due to how the money that is available for unemployment benefits has been lost over time due to a poor economy, rising government deficits and too many people asking for assistance. These factors are causing people to deal with a number of difficult problems with regards to getting different plans to work.