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UPDATE: Saturday, June 12, 2010      The Japan Times Weekly    2009年1月17日号 (バックナンバー)
 
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UNITED STATES
U.S. unemployment rate jumps to 7.2%, worst since 1993

A staggering 2.6 million jobs disappeared in the United States in 2008, the most since World War II, and the pain is only getting worse, with 11 million Americans out of work and searching. Unemployment hit a 16-year high of 7.2 percent in December and could be headed for 10 percent or even higher by year's end.

Government figures released Jan. 9 were "a stark reminder," said President-elect Barack Obama, that bold and immediate government action is needed to revive a national economy that's deep in recession, and sinking.

More than a half million jobs melted away as winter took hold in December — 524,000 in all, the government estimated ― and the true carnage will almost certainly turn out to be even worse when the figures are nailed down more clearly a month from now.

The Labor Department's unemployment report showed widespread damage across U.S. industries and workers — hitting blue-collar and white-collar workers, people without high school diplomas and those with college degrees.

And, there's no relief in sight. The new year got off to a rough start with a flurry of big corporate layoffs and there were more Jan. 9. Airplane maker Boeing Co. said it plans to cut about 4,500 jobs this year.

Employers also are cutting workers' hours and forcing some to go part time. The average work week in December fell to 33.3 hours, the lowest in records dating to 1964 — and a sign of more job reductions in the months ahead since businesses tend to cut hours before eliminating positions entirely.

Economists predict a net total of 1.5 million to 2 million or more jobs will vanish in 2009 and the unemployment rate could hit 9 percent or 10 percent.

All told, 11.1 million people were unemployed in December.

The Japan Times Weekly: Jan. 17, 2009
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