It is being reported that the number of unemployed rose by 85,000 in December due to layoffs. Strangely, the unemployment rate is holding steady at 10.2%. Currently, 15.3 Million people in the USA are unemployed, or more specifically claiming unemployment. The real figure is likely substantially higher after taking into account those that no longer are eligible for unemployment, or those that merely never filed.
Around 25 months ago, towards the start of the financial crisis, the unemployment rate in the USA was at around 5%. It has since then doubled, and there is no reprieve in sight. Many news agencies are touting the fact that November saw a decrease in unemployment, however they are discounting the large number of seasonal workers required for the holiday season. January is likely to see another major increase in unemployment for that same reason.
There is much talk that the recession is over. I understand that this type of rhetoric is necessary in order to stimulate the economy and provide hope for those in trouble. However, with facts like these coming month after month, it seems that this financial crisis is long from over. One of the primary root causes of this recession is the job market. Until it is brought under control and jobs start appearing throughout the USA, the recession is only getting worse.