Unemployment Extension 2010: Labor Day Celebrations Somber

[Omaha Steve]

Unemployment Extension 2010: Labor Day Celebrations Somber

September 6th, 2010.
Noemi Cariaso-Mora.

The first Monday of September, known as Labor Day, used to be a day of celebration. For millions of unemployed Americans, there is no cause for celebration when they can hardly make ends meet. Instead of taking part in the merriment, they would rather scour newspapers for job openings or endure long lines in job fairs. For those who are still employed, they welcome the additional holiday pay.

Latest statistics show that the unemployment rate has reached 9.6 percent. The rate has not gone below the 9 percent mark for the past 16 months, the longest period in almost 30 years.

Broken down into ethnic groups, the unemployment rate for white American men – women is 8.9 % – 7.1% while for African-American men – woman it’s nearly twice that at 17.3% and 13.2% respectively.

The recession hit all major industries with real estate, manufacturing and financial services said to be hit the hardest. Economists predict that the more than 8 million jobs lost in these industries may not be generated back . It may take a minimum of 4 years before 8 million or more jobs are created nationwide. However, lost work in the real estate industry may no longer be available for another decade or so.

It is this bleak prospect that most of the unemployed are willing to accept whatever job that they can have even if it does not pay much or does not fit their particular line of experience. To them, anything is better than not having any job at all. With no chance of a Tier V unemployment extension passing in to law any time soon, the outlook is doubly bleak for those without jobs.

FULL story at link.