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May 7, 2008
Big local layoffs have made big local headlines.
Chrysler and Citicorp.
Western Union and Macy's.
St. Louis now has an unemployment rate of 6.4%.
That's roughly 92,000 people out of work.
It's the highest in three years, and the highest for the month of March in 15 years.
The problem is more than just layoffs.
Unemployment is growing because the number of jobs is shrinking--- down locally by more than 5000 in just one year.
And this time around, many of those looking for work have never before been unemployed, because with fewer low skills jobs available, highly educated workers are being faced with corporate cutbacks.
Even after the end of a recession, often unemployment continues to go up for several months.
Ironically, what has been going down is federal assistance for programs that help people find new jobs.
And Congress is considering even more cuts for next year.
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