Yea it's like that. The unemployment rate leaped from from 6.5 to 6.7 percent in November, with 553,000 jobs being cut, marking the 11th consecutive employment decline and the biggest one-month job loss since December 1974.
The news is even worse for black unemployment, which continues to increase at a higher rate than other races, with a jump from 11.1 to 11.2 percent this month. The unemployment rate among Asians stands the lowest at 4.8 percent, while white employment is 6.1 percent and Hispanic unemployment at 8.6 percent, according to U.S. Department Labor statistics.
Meanwhile The Big Three--Chrysler, General Motors, and Ford--continue to plead Congress for a $34 billion bailout to save the auto industry.
While President-elect Obama has adopted a "wait-and-see" , approach, his staff as been in touch with auto executives, industry sources said. One source suggested that the nature of these conversations was "informational ... about [our operation], how and where we spend ... our forward-looking goals," according to CNN.com.
The long-term outcome of an auto-industry bailout remains to be seen, so I think it's good the Obama administration is being proactive in dealing with the issue. Since the industry is connected to other businesses, such as part manufacturing companies, repair shops and transportation companies, a collaspe could have potentially dire economic consequences.
The Daily Voice-Unemployment reaches 15-year high