Jobless Rate Drops: Is the Worst Over?
This is quite good news:
The American economy lost 247,000 jobs in July, and in a reversal, the unemployment rate fell slightly, to 9.4 percent, the government reported Friday. Although businesses are expected to keep cutting jobs through the rest of the year, the Labor Departmentís latest figures offered some faint signs that the sinking job market was approaching bottom.
There was improvement in the broader measure of unemployment (U6) as well, with that rate dropping from 16.5% to 16.3%. If employment can bounce back quickly, then the recession may indeed not be as bad as many, including me, feared. Time will tell.
Speaking for me only
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