mass unemployment
BOSTON - The Massachusetts unemployment rate rose to 9.3 percent in September, from 9.1 percent in August, reaching its highest point since 1976. [1]
Demand for most goods and services falls, less production is needed and consequently fewer workers are needed, wages do not fall to meet the equilibrium level, and mass unemployment results. [2]
Massachusetts unemployment benefits provide temporary compensation to those workers meeting the eligibility requirements of Massachusetts law. [3]
The Massachusetts unemployment rate rose to 5.5 percent in October as the state shed 7,000 jobs. [4]
From 1948 to 2004, the monthly U.S. unemployment rate has ranged between about 2.5% to 10.8%, averaging approximately 5.6%. [2]
BOSTON - The unemployment rate in Massachusetts rose to 8.6 percent in June, as employers and workers struggled with the ongoing recession. [...] The state lost 2,300 jobs last month after a revised gain of 5,600 jobs in May. [5]
The state lost another 9,200 jobs in September, more than the month before, according to figures released Thursday by the Executive Office of Labor and Workforce Development. [...] Alan Clayton-Matthews, an economist at Northeastern University, said the worsening numbers indicate that the state economy is still getting worse. [1]
A rising unemployment rate will be seen by analysts and the Federal Reserve as a sign of a weakening economy, which might call for an easing of monetary policy by the Fed. On the other hand, a drop in the unemployment rate shows that the economy is growing, which may spark fears of higher inflation on the part of the Fed, which may raise interest rates as a result. [...] The unemployment report is one of the most closely watched of all government reports, because it gives the clearest indication of the direction of the economy. [2]
The Massachusetts Office of Labor and Workforce Development and each other state’s unemployment office administers its own unemployment insurance program within Federal guidelines. [3]
The percentage of the total labor force that is unemployed but actively seeking employment and willing to work. [2]
Economists at the New England Economic Partnership forecast Thursday that unemployment in the region would rise to its highest level since 1992, hitting more than 8 percent by mid-2010. [4]
Employment fell in several sectors of the economy, with the largest decline being 5,800 jobs in the leisure and hospitality industry. [1]
Sources:
[1] wbur.org ” News ” Mass. Unemployment At Highest Level Since 1976
[2] Unemployment: Definition from Answers.com
[3] Massachusetts Unemployment Insurance, Compensation Answers …
[4] New England Could Lose 250,000 Jobs, Forecast Says; Mass …
[5] wbur.org ” News ” Mass. Unemployment Rate Up To 8.6 Percent …