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recession now in second year

Posted by on Mar. 30, 2009 at 8:27 AM
  • 3 Replies

other news recently was good, that house sale were improving..  but I hope the job loss reverses soon....

More states see jobless rate top 10 percent

New data show terrible toll of the recession, now in second year

AP

WASHINGTON - More states logged double-digit unemployment rates in February, with North Carolina and Rhode Island seeing their rates hit record highs.

The U.S. Labor Department’s report, released Friday, showed the terrible toll the recession, now in its second year, is having on workers and companies alike.

Seven states have unemployment rates that topped 10 percent last month. That’s up from four states in January.

The U.S. unemployment rate, released earlier this month, rose to 8.1 percent in February, the highest in more than 25 years. Economists predict the national jobless rate will hit 10 percent by year end even if the recession were to end later this year as some hope.

Michigan’s jobless rate climbed to 12 percent, the highest in the country. South Carolina registered the second-highest at 11 percent and Oregon came in third at 10.8 percent.

North Carolina came in fourth with an unemployment rate of 10.7 percent, the highest there on records dating back to 1976. California and Rhode Island tied for fifth place at 10.5 percent each. That was an all-time high for Rhode Island. The seventh state with a jobless rate above 10 percent was Nevada at 10.1 percent.

All told, 49 states and the District of Columbia saw their unemployment rates move higher in February from the previous month. Only Nebraska recorded a slight drop. Its jobless rate dipped to 4.2 percent.

To brace the economy, the Fed has slashed a key bank lending rate to an all-time low and has embarked on a series of radical programs to inject billions of dollars into the financial system.

The Obama administration is counting on a $787 billion package of increased government spending and tax cuts, a financial-bailout program and an effort to stem home foreclosures to help turn the economy around.

http://www.msnbc.msn.com/id/29914902/

 

 

by on Mar. 30, 2009 at 8:27 AM
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dr_m
by on Mar. 30, 2009 at 8:38 AM

I just hope this can be prevented from getting worse, I am no economist, and don't know the answers, heck the "experts"  can't even agree, although they look at the great depression and analyze what would or wouldnt help..   who knows if that is a good analogy ?  Did they have a lot of "toxic assets"  then ???  bad mortgage loans ?  

Madge1428
by Member on Mar. 30, 2009 at 8:58 AM

The cat in your avatar is a beauty.

I think the government should butt out, let the banks and car companies fail and let the American people decide who they are going to pump their money into - which companies the American people want to keep afloat.

I know - very broad and destructive view.  I'm just tired of the government butting in.

Quoting dr_m:

I just hope this can be prevented from getting worse, I am no economist, and don't know the answers, heck the "experts"  can't even agree, although they look at the great depression and analyze what would or wouldnt help..   who knows if that is a good analogy ?  Did they have a lot of "toxic assets"  then ???  bad mortgage loans ?  


sunglasses miniMadge

dr_m
by on Mar. 30, 2009 at 9:09 AM


Quoting Madge1428:

The cat in your avatar is a beauty.

I think the government should butt out, let the banks and car companies fail and let the American people decide who they are going to pump their money into - which companies the American people want to keep afloat.

I know - very broad and destructive view.  I'm just tired of the government butting in.

 

 


thanks about my cat !!! 

they probably should just butt out..  it's getting overwhelming..

 

 

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