There has finally been some good news regarding the unemployment numbers in the country during these tough economic times. Economic experts believe that the country is slowly but surely climbing out of the recession, which should completely end within the next year. The United States Labor Department released a report earlier in the month of August regarding the country’s unemployment rate, which dropped to 9.4 percent from 9.5 percent only one month prior.
Employers laid off less workers in the month of July, causing the unemployment rate to drop for the first time in 15 months for the United States. A net total of 247,000 jobs were lost in the month of July, which was the fewest number of jobs lost in the previous year. In the month of June there were a net total of 443,000 jobs lost across the country. The report from the Labor Department also claimed that workers’ hours increased in the month of July along with an increase in their paychecks, which had gone stagnate or decreased.
“There’s clearly been a turn for the better,” said economist Ken Mayland, president of ClearView Economics. “The worst is behind us in terms of layoffs.”
Economic experts fear that it will take until the year 2013 to drive the unemployment rate down to 5 percent. To get the unemployment rate to this number employers will need to begin hiring 200,000 workers per month. The job cuts that were made in the month of July were the fewest number of job cuts in the country since August of 2008.