Unemployment Continues to Rise as Businesses Avoid Hiring

According to an article in the Dallas Morning News , only about 7 percent of small businesses added to their workforces in the second quarter of this year, while 24 percent implemented job losses.

The article said:

“Small-business owners who have cut jobs over the past year are in no hurry to start hiring again just because the recession is tapering off. From a Dallas advertising firm to a North Carolina manufacturer, many say they need to see several months of rising sales before they start adding staff.”

Already the economy has suffered 6.7 million job losses and 14.5 million workers remain unemployed. Just last month employees suffered 247,000 job losses and although analysts are hoping that job losses will slow, job losses are still outpacing job growth. Even employees who have not suffered job losses are facing shorter hours, reduced benefits and heightened anxiety about job security. And they have reason to feel insecure as companies rely on temporary workers to fill in the gaps many unemployed workers find themselves trapped in a temporary worker cycle for months on end. With the reduced hours, reduced salary, and reliance on temporary jobs, many workers are finding that their new income levels are not keeping pace with their old expenses and mounting debt.  Some are facing foreclosure while many others turn to bankruptcy relief.

By | 2017-12-13T02:02:57+00:00 August 22nd, 2009|Loans / Mortgages, Pay Day Loans, Unemployment - Job Loss|Comments Off on Unemployment Continues to Rise as Businesses Avoid Hiring