Unskilled labor jobs in the retail sector have been particularly hard hit. (Courtesy Photo/coastal.com)
(August 9, 2009) - President Barack Obama’s economic recovery plan to save or create thousands of jobs appeared to be working this summer when the country’s unemployment rate began to stabilize. Unemployment fell in July for the first time in more than a year, according to the latest national job data – an indication the weakened economy might be on the rebound. But because more data is needed to determine the economy’s path, how soon the recession ends remains to be seen.
Meanwhile, "We won’t rest until every American that is looking for work can find a job," President Obama said Friday in comments at the White House.
He added that, "The worst may be behind us," and that "we're pointed in the right direction."
Overall, the labor market has shed 6.5 million jobs since the start of the recession nearly two years ago.
The U. S. Bureau of Labor Statistics (BLS) also reported the jobless rate plunged to 9.4 percent from 9.5 As a result, the economy lost 247,000 jobs in July rather than the 325,000 that had been expected. However, the jobless rate among African Americans stands at 14.5 percent compared to 8.6 percent for Whites and 12.3 percent for Hispanics.
In March, unemployment among Blacks was 13.4 percent.
Although some reports list college-educated African Americans as having been the hardest hit, David R. Jones, president of the Community Service Society in New York City – where Blacks have tended to suffer the heaviest unemployment – said he did not think the recession has played out equally.
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