Although American companies are slowly adding jobs, this is doing little to stifle fears about a looming recession. Europe’s debt crisis has only added to the uncertainty, adding yet another reason for U.S. businesses to remain hesitant of hiring back a portion of the country’s millions of unemployed.
On October 7, the Labor Department reported that 103,000 new U.S. net jobs were added in September, meaning that the economy is at least showing some signs of growth. However, the growth has not been substantial enough to lower the 9.1 unemployment rate, which remained firm throughout September. Manufacturing, one of the few segments which have enjoyed growth over the past year, suffered a loss of 13,000 jobs in September. Strong areas included healthcare, business, and professional services. Since two years ago, when the recovery process began, a staggering 14 million are still job hunting.
President Obama has taken criticism from Republicans and Democrats alike for his proposals of raising taxes, more spending, expanding “green” jobs, and blaming Congress for the dilemma. Obama’s chief economic advisor, Gene Spirling, stated that even Obama’s critics have failed to offer any reliable alternatives to the jobs plan. Those who support the plan have estimated that anywhere between 600,000-1.9 million jobs could be produced from its implementation.
High unemployment in the United States has negatively affected U.S. businesses, families, and individuals, but it has also affected the countries that we do business with. As sales and production have decreased here, the demand for global companies used to produce these goods has done the same. From call centers in India to blue jean factories in China, when the U.S. economy suffers, the global economy quickly follows suit. Overseas, entire cities have essentially shut down at a moment’s notice due to the lack of work and the inability of large U.S. companies to support their previously high levels of ordering.
1 comment:
It's interesting how the US has such an effect on the world, when something goes wrong here, people experience everywhere. I agree with your article in that even if Obama hasn't gotten rid of unemployment, he's taking a lot of criticism from people who aren't offering any alternatives.
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