It was estimated in 2007 that the unemployment rate of US would be 4.6% by the end of 2008 . But the un-employment rate increased to 7.2% by the end of the year, 2008 .
According to US government figures, US Job market lost nearly 2.6 million jobs in 2008 i.e. the most since 1945 . On April 3, 2009 the unemployment rate in US reached 8.5%, the highest since 1983 . Highest period of unemployment since 1948 was 9.7% in 1982 . 2 millions jobs have been lost in US since the start of 2009. 5.1 million Jobs have now been lost since the beginning of 2008. . Most of the job losses are seen on manufacturing and construction areas.
This is just the beginning, there are more laid offs to come in the US Job market. There are many layoffs announced to be implemented. Based on a prediction made by a job firm, Adecco Group North America, there are about 600,000 to 700,000 more jobs to be lost in April only. Many of the Americans have hoped that Obama’s Stimulus plan and the credit back to the small business helps improving the economic growth and the job market in US, but the morning still lies dark. Even the government itself cut about 5000 jobs last month.
The Central Bank of US, Federal Bank predicted that the nation’s unemployment rate will remain eminent till the end of 2011. Economists have calculated that it at least takes 5 more years to bring back the market into 2007. Obama has already warned while promoting his economic stimulus plan that the unemployment rate can reach up to a double digit value.
Foreign worker who are working under the working visa (H1B, L2) are suffering more. If a foreign worker under the working visa is laid off, he can legally stay for 60 more days after the day of his layoff. In such case either he has to find another job and transfer his working visa or change his visa status from working to non- working visa like student visa (F1) . Statistics show that more than half millions foreign worker are working under H1B or green card with support from their employer.
US Senate has asked to the institutions that were bailed out to avoid the foreign worker while hiring a new professional. Wells Fargo has already started cutting foreign workers and most of the institution that were bailed out, have already started freezing on hiring of foreign workers. There are society and different organization that are against the hiring of foreign workers. They claim that foreign workers took their jobs away. Every year 85,000 work visa are awarded to foreign workers. The USCIS accepts application for H1B visa on the first week of April and the selection is notified by the mid of June. Workers can start their H1B visa from October.
With the growing number of unemployment rate here in US, I believe that we must do a depth research if its a safe place for you to come here for your higher degree and spend your money for your tuition fee and get back to your home country empty handed with some cracked pieces of your mind.
Thanks for reading !
2. CNN Money: Worst year for jobs since '45 (January 9, 2009)( http://money.cnn.com/2009/01/09/news/economy/jobs_december/index.htm )
3. The New York Times: Jobless Rate Hits 8.5% After 663,000 Jobs Lost in March (April 3, 2009)(http://www.nytimes.com/2009/04/04/business/economy/04jobs.html?hp)
4. BLS: Annual average unemployment rate (http://www.bls.gov/cps/prev_yrs.htm)
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