The US unemployment rate is not showing any signs of abatement, if you go by the latest data released by the US labor department. The September 2009 unemployment rate has touched a 26 year high of 9.8%, due to more than expected job cuts by employers.
The continuing economic crisis coupled with no clear indication of a recovery is forcing all the private sector employers to cut down on their staff strength to improve efficiency. This is resulting in the unemployment rate hitting a all time high. The government sector is yet to start big bang job cuts , but given the high budget deficit of the US government , it is only a question of time for that to start happening.
And by the end of 2009, or by early 2010, we can expect the jobless rate to get into two digits. That might force lot of pessimism into the minds of US citizens who in turn might reduce their spending drastically. And that can in turn pull down the economy substantially by the middle of 2010.
SO IT SEEMS THAT US IS ALL SET FOR A TURBULENT 2010, AND LET US ALL WISH OBAMA ALL THE VERY BEST FOR GETTING OUR COUNTRY OUT OF THIS BIG MESS. AND TO WHAT EXTENT HE HAS CONTRIBUTED TO THE MESS, IT IS TOO EARLY TO SAY.