Friday, January 9, 2009

Jobless Rate Jumps Again

The Labor Department announced that the nation's unemployment rate jumped to 7.2 percent in December. About 524,000 jobs were lost last month which is the highest level in 16 years. In addition to the steep decline in jobs, the average hourly work week has fallen to 33.3 hours; that's the lowest level in over 40 years. It's likely to get worse before it gets better. In an ironic twist, the dire job statistics may delay significantly organized labor's efforts to push forward its agenda of higher wages and compulsory unionism ... employers simply won't stand for it and the country may not be able to endure its adverse economic ramifications in the foreseeable future.

Stay tuned.

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