President Obama said he would be holding a White House summit in December regarding the slow recovery of the job market our nation is facing. Obama said that the rise in new jobs and the ability of people seeking jobs to find them is not up to speed with the economic recovery. Many feel that the job market’s weakness is hindering further economic growth and hurting many other areas of the economy, like housing.
With the unemployment rate jumping to over 10% the job market seems to be getting worse rather than improving and even the official unemployment numbers don’t account for many Americans who aren’t eligible to draw unemployment so the actual severity of the job problem is worse than the numbers show.
This announcement of the White House summit shows the Obama administration sees unemployment as a major problem, however the numbers for jobless claims dropped for the end of the week, November 7, to 502,000 which is down from 514,000 unemployment claims. With the extension of unemployment benefits by Congress it seems the drop in the unemployment number wouldn’t be caused by people running out of benefits, so is the job market recovering?
The job market is said to always be the slowest to recover after any economic downturn, but the Obama administration feels there is a problem with businesses not hiring. However, is it the case that businesses simply don’t have the capital to hire people or are the majority of companies seeing more profits now and simply don’t wish to spend money on new salaries? Many businesses that have survived the recession have learned to do a lot with few workers so has the recession created a problem in that they realize they can do without their former number of employees? If this is the case it will be interesting to see what solutions the Obama administration brings to the table.
Please come back to rwbpress.com in the following weeks for information about the unemployment problem in America.
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