Feds Report Unemployment Rate Highest Since 1974
According to the latest government reading, U.S. employers slashed an additional 598,000 jobs in January, CNNMoney.com reported today. The number of jobs lost in January alone is the highest recorded since December 1974, according to the report. Many analysts are hoping that a new stimulus plan will put a stop to layoffs, according to the report.
“Brian Bethune, chief U.S. financial economist for research firm Global Insight, said how quickly the stimulus plan is passed, and how effective it is in jump-starting the economy, will determine whether the recent job losses are the peak, or if they continue to climb.
He argues that stimulus needs to be for programs that get money into the economy as quickly as possible.
‘Business confidence is extremely weak right now,’ he said. ‘They’ve taken a show-me-the-money attitude. What you need to stop more job losses is a series of very effective policies. That’s the only thing that will help here.’
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- February 06 2009 | 287 views | 1 comment
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