Summary
The article I chose came from the Knight Ridder Tribune Business News; Washington; Oct 5, 2002. The article dealt with how the jobless rate for the United States dropped but at the same time the economy shrank by forty three thousand jobs. One of the reasons this happened was because the unemployment rate comes from a survey of about sixty thousand households while the jobs data is derived from payroll data from about three hundred thousand firms. The article also mentions how smaller companies might actually be doing better than medium to large companies. Finally the article mentioned how the senate is working on a bill that would extend unemployment benefits an extra thirteen weeks. The article stated many analysts were surprised by the news because the economy normally needs to gain at least 100,000 jobs a month to keep the unemployment rate from rising. To further add to the confusion the economy actually lost forty seven thousand jobs and the unemployment rate still dropped from 5.9 to 5.7. The fall in u
There is a good deal of support behind the bill and Senate Majority leader Trent Lott of Mississippi said it was still a possibility, but it hasn't been fully worked out yet. A big test for the economy coming up is the holiday season when businesses see the most profits. There still seems to be many more questions than answers when it comes to the economy and until that changes the situation is going to remain the same. " Silvia also said "I just don't see the kind of employment gains that would be consistent with continued declines in unemployment rates,". Democrats in the senate recently introduced legislation that would make the unemployed eligible for another 13 weeks of benefits. By the end of the day both the NYSE and the Nasdaq had experienced heavy losses. Nonetheless, the unemployment rate, which had already dropped from 5. nemployment suggests to some analysts that the economy may be somewhat stronger than is widely assumed. But at the same time the article still talk about the unstableness that still occupancies it. The article also talks about a growing problem with the unemployed workers of this country. The holiday season also creates an in flux of temporary jobs and the way things have been going you can expect many of those jobs to be taken rather quickly. Analysts believed the drop of the unemployment rate has reduced expectations that the Federal Reserve will cut interest rates when it next meets on Nov. It is believed that the unemployment rate is going to hover around six percent for the next six months or so.
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