Unemployment Rates Continue To Rise As Nation's Economy Plummets Due To Fuel Costs

As the economy continues to show a rapid decline with food and gas prices soaring out of control, the Labor Department reported today that unemployment rates were on the rise, with 49,000 jobs being "shed".

Unemployment continues to rise, with the May report showing an increase in the number of people who are becoming unemployed. Industries such as healthcare continue to add jobs while the education system in areas like Texas are seeing a shortage in the number of teachers available, so there are a lot of jobs available. Schools are offering stipends and other incentives to draw in educators, as classrooms must be manned no later than the first day of school. In May of 2007, the unemployment rate was at 4.5 per cent. In May 2008, the rate was 5.5 per cent. In the lead were teenagers, at 18.7 percent. Blacks rose to 9.7 percent and whites, up to 4.8 percent. Hispanics did not change, at a rate of 6.9 percent. The unemployment rate for Asians was at 3.8 percent. With percents and rates creating confusion for some, the report states that

A year earlier, the number of unemployed persons was 6.9 million. Over the past 12 months, the number of unemployed job losers has risen by 907,000.

The economic molting of jobs is still said to be a result of the national recession as gas and food prices continue to soar and homeowners continue to lose their shelters. The problems are essentially interrelated, as fuel prices have seen a 50 percent increase and have spawned the need for business owners to cut back on spending, including trimming jobs. Citizens continue to struggle for a way to make ends meet in light of the economic downward spiral, as they lose their homes and their jobs, and are being forced to turn to other means of needs satisfaction. Some are shacking up with family and friends in smaller homes while others are turning to the government for assistance. Education has cut back on loans, increased tuition and colleges are cutting back on the percentages they accept, leaving a higher percentage of Americans struggling to find a way to procure an education. Fuel prices are said to be creating a major portion of the problems and to keep voting against drilling production and refinery may be a contributing factor in the cycle of tragic economic events that is like a steel boot holding down the country. With the basic fundamentals of economy, supply and demand, being used against us as we continue to vie for our place in line at Mexico and Venezuela's gas pumps, those countries willing to pay exorbitant prices continue to have their tankers filled, at the expense of their people's needs. An American gusher may be all that is needed to get those prices back down to size.