This morning, my colleague Connie Madon reported that initial jobless claims showed a disappointing gain of just 39,000 jobs and an unemployment rate at a seven-month high of 9.8%. Remember that the Street expected job growth of 144,000. This disappointing data has helped push the Dow Jones as we head through the lunch hour. I wanted to take a look at a couple tidbits of news from the report, one that I find especially disturbing.
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FeedUnemployment Data Is Disturbing, Underemployment Numbers Are Staggering
Continue reading Unemployment Data Is Disturbing, Underemployment Numbers Are Staggering
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Now that it's reached 10.2%, the unemployment rate is higher than it's been in 26 years. That puts plenty of people on the hunt for work, especially since the unemployment rate doesn't reflect everyone who's been affected by the recession, such as those who have been unemployed too long or who are underemployed. Lacking alternatives at home, more Americans are heading overseas to find their fortunes weather the storm.
The number of people looking for international work through Manpower Inc. (MAN), the largest staffing firm in the country, has increased over the past six months. Half a year ago, Jeff Joerres, the company CEO, said that only a few dozen were looking for work outside the U.S. Now, it's up to 500. He tells USA Today, "It is a phenomenon we haven't had before."
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