Job Market Expected to Recover in 2014
September 5, 2009 by Mark Ellis
Filed under Business
While recent reports showed that August was the best month in a long time as far as the rate of job losses goes, analysts expect that the unemployment rate will not shrink back down to a normal 5 percent until 2014. Currently, the unemployment rate sits at 9.7 percent, up a staggering amount from its position only two years ago at 4.7 percent.
The unemployment rate could continue to soar into the double digits by the end of 2009, breaking 10 percent and signaling truly dire straits for the economy. According to the Department of Labor, the number of job seekers that have actually given up looking for jobs is above 750,000, marking the highest number that the Department of Labor has recorded for that statistic since 1994.
4.98 million people are currently unemployed, which is the highest number since World War II, while another 9 million people are underemployed, which means that they are working less hours than they wish to be working. In order to turn the situation around, about 125,000 jobs need to be created each month for two years, while even more jobs will need to be created to get back to normal.
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