President Obama announced a December jobs summit today. The job summit will bring together financial experts, economists, business leaders, small business owners, and representatives from labor unions and nonprofits.
The Labor Department just reported another 502,000 new jobless claims. Microsoft announced it’s dropping 800 jobs, and video game maker Electronic Arts is laying off 1500. But, most importantly, the unemployment rate reached 10.2 percent, the highest since World War II. That makes nearly 16 million people unemployed. 190,000 jobs were lost in October alone.
TechCrunch is keeping an eye on layoffs: http://www.techcrunch.com/layoffs
If you are looking for work, temporary employment might be the way to go. Companies are more likely to hire temps right now and temporary employment grew by 33,700 jobs. Unemployment benefits have been extended for another 20 weeks. But experts worry we could be in a “jobless recovery.”
What is a Jobless Recovery?
From Wikipedia, “A jobless recovery or jobless growth is a phrase used by economists to describe the recovery from a recession which does not produce strong growth in employment. The phrase originated in the early 1990s in the United States, to describe the economic recovery at the end of President George H.W. Bush’s term; it came back into use during the early 2000s.”
Here’s what it really means to us right now:
We’ve spent trillions of dollars bailing out big corporations and banks. This is taxpayer’s money. So far, the majority of our money has gone to help the richest companies, and very little has gone to job creation.
Wall Street is recovering, but Main Street? Not so much. It means that if you’re out of work, you’re probably also out of luck.