Unemployment Worries

Post the economic fall out the United States is facing yet another major crisis in the form of unemployment. March saw the unemployment rate soar to 8.3 percent; it is the highest since 1983. Employers slashed down 650,000 jobs. The forecast for the jobless rate was at 8.5 percent; it is up from the 8.1percent of February. These rates unexpectedly surged from 7.6 percent. Chris Low, the chief economist at FTN Financial in New York said “Layoffs continue at a record pace, although they are no longer accelerating”. Industries all over United States are under pressure to rein in expenses and limit overheads.