When The Checks Stop Coming In: Unemployment at 35-Year High

Posted by Bossip Staff

Obama has his work cut out for him because there hasn’t been such a great of deal of jobs lost and job insecurity since 1974:

It’s getting worse – much worse. The US economy shed 598,000 jobs in January, the biggest single-month loss since 1974, vaulting the unemployment rate to a staggering 7.6 percent. “The economy is just falling into oblivion,……and it will get worse,” said analyst Greg Salvaggio of Tempus Consulting in Washington. The January decline was far worse than the 524,000 lost jobs that economists had expected and caps off the third month in a row in which more than half a million jobs were lost, according to the Bureau of Labor Statistics. Job reductions in December and November were also deeper than the preliminary figures previously reported. The unemployment rate rose from 7.2 percent to 7.6 percent – its highest level since September 1992. One of the only areas to see an increase in jobs was health-care employment, which added 19,000 jobs in January.

In short, get a education, and support our economy. We’re all going to have to be extra diligent in controlling our spending to prepare for even tougher times.

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