The unemployment in the US labor market is increasing and worsening. The official rate of unemployment is 10.2% and nearly 200,000 jobs were lost in October. The figures move upto 17.5% when the partially employed and discouraged workers are included.

But 200,000 figure of October is better than the figure of 700,000 jobs lost in January. Still the figures are higher than the last recessions figure of 150,000 jobs lost in a month. To notice here is that the last recession ended in 2001 November, but the losses in jobs continued for more than a year and a half till June 2003, which was exactly what happened in the recession of 1990-1991.

So this time as well it is expected that the job losses will continue until the end of 2010, which is said to be the earliest date. So the advice for an unemployed person who is looking for a job thinking that the economy has turned from the worst is to wait for a little longer.

The economic figures are suggesting that it might take a while and the jobs are really not coming back.

The long-term picture for workers and families is even worse than current job loss figures alone suggests. Now as a way of sharing the pain, many firms are telling their workers to cut hours, take leave of absence and accept lower wages. Specifically, that fall in hours worked is equivalent to another 3 million full time jobs lost on top of the 7.5 million jobs formally lost.

The damage will be extensive and severe unless bold policy action is undertaken now.

(Courtesy : NY daily news)