Unemployment In U.S. Peaked in October According To Economist Achuthan
March 08, 2010 3:40 PM
Bloomberg reports that according to Lakshman Achuthan, managing director at the Economic Cycle Research Institute in New York, U.S. joblessness in the coming months won’t exceed 10.1% registered in October 2009, which was the highest level reached since 1983.
Figures from the Labor Department showed last week that unemployment unexpectedly held at 9.7% in February. Achuthan said that long-term unemployment, meaning people who have been unemployed for more than six months, form 40% of the unemployed. The skills of many unemployed Americans do not match the current demands of the workplace. 60% of the unemployed are those who lose their job then in another month or two get another job. For them, the jobless rate has fallen faster than for the long-term unemployed.
On March 5, the Labor Department also reported employment declined less than forecast as payrolls dropped by 36,000 workers. Temporary employment increased, as did manufacturing.
