Many who have jobs (as well as those who don’t) are wondering if the unemployment rate will continue to rise. Right now in 2010, unemployment is over 9%. In some states, the rate is a whole lot higher than that.
Even though lots of economists are making predictions about unemployment and other things like housing prices, no one knows for sure what’s going to happen in this economy. Right now, things seem to be on the rise and unemployment may soon decline. The problem is that no new jobs are popping up for applicants to fill. With every semester, college students graduate and enter the work force. Unfortunately, there aren’t jobs available to keep up with the new potential employees, leading to more unemployment.
Today, economists think that the unemployment rate will eventually hit 10%. They say the economy is starting to get better, but it’s going to take time.
Fortunately, more Americans are learning from this experience. They’re saving money in case unemployment affects them directly. They’re also willing to take lower-paying jobs just to have a job at all. Those who don’t want to give up are even starting their own businesses or freelance operations.
Americans need to be prepared for the unemployment rates to keep rising. Saving money, paying down debt, and living on less than you earn are good ways to get ready in case you’re affected by this tough economy.