U.S. jobless claims increase for second week in a row
U.S. Labor Department reports that 4,000 jobless claims were filed for the period ending Aug. 18.
That’s 3.32 million Americans out of work and not all are eligible for unemployment. Many have used up their quota.
What’s happening? Is the economy and resultant new hires real or not? We were told by the administration that we were clear of the recession in 2010 and that things were looking brighter. Well, not for the unemployed. Unemployment has been over 8 percent (8.3 percent at last report) since the recession hit in 2008.
Are companies holding back on hiring new workers until the outcome of the 2012 election results are in? It wouldn’t be the first time. Back in the Franklin D.Roosevelt years of the Great Depression, companies were holding cash reserves and not investing in growing their companies because of the stringent controls advocated by F.D.R.’s administration, according to Ed Kline, author of “The Amateur.”
One wonders if the economy is stuck on hold until people decide who will govern. The entire 435 members of the House of Representatives and 33 seats in the U.S. Senate will be up for grabs, in addition to the presidency.
One can only speculate on whether the current dismal reports on joblessness in the Unites States along with a declining middle class will cause voters to change horses in the middle of this recent repressive economy.
Government will not be able to spur the economy. Any turn-around has to come from the private sector. Any hope for more jobs will be tied directly to the perception of the economy by the people, including the 3.23 million who are directly impacted by joblessness.
It will be an interesting blitz to the finish line on Tuesday, Nov. 6.