US Unemployment is still on the Rise

The continuous rise of unemployment in USA remains unabated. As per the report of the leading newspapers in US, unemployment moved to 9.7% from 9.6% in August. CNN Money announced in July that the unemployment will remain 9% till 2012. The Labor department reported that the jobless rate remained in the range of 9.5 to 9.7 per cent between May and August.  Employment in temporary help services went up by 17,000 within professional and business services. This industry has added 392,000 jobs since the high unemployment figure in September, 2009.

According to US labor report of August 2010, “The unemployment rate in the United States was last reported at 9.60 percent in August of 2010. From 1948 until 2010 the United States’ Unemployment Rate averaged 5.70 percent reaching an historical high of 10.80 percent in November of 1982 and a record low of 2.50 percent in May of 1953.”

Although there has still been a net jobs increase in total nonfarm employment of +723,000 for 2010 YTD, this is not enough to bring down the unemployment rate. Weekly unemployment insurance claims have went downwards recently to a 12-week low, but remain above 400,000 in the mid 400,000s range. Obama Government opposed outsourcing to avoid further job loss in US and many expected that unemployment rate will fall due to this. But the according to analysts, the government needs to look at new verticals rather than placing a ban on outgoing jobs and allocate them to the American residents.