News   /   Society   /   Reports

Record job plunge has many declaring ‘recession’ in US

Ramin Mazaheri
Press TV, Chicago

New jobs data in the United States showed a drop of 1.1 million job openings, the biggest one-month crash ever, outside of the Covid lockdown.

It’s also the first increase in the unemployment rate since April 2020, and that has many so-called recession-deniers being forced to reconsider.

The United States has had two consecutive quarters of negative economic growth, which is the standard definition of economic recession. However, in an effort to avoid the negative press the recession label receives, the administration of President Joe Biden claimed that a stable unemployment rate meant that the US was not in a recession. That’s no longer possible.

Due to the so-called Uberization of the United States economy, the official data has long been accused of falsely portraying a rosy picture. The national unemployment rate is 4%, but many say the jobs available are only part-time, or lack crucial benefits like health care, or are poorly paid despite the current record inflation.

Amid the backfiring of Western sanctions on Russia, many businesses have responded by cutting job listings, slowing the hiring process and may begin mass layoffs.

The widespread perception is that America’s central bank is forcing a recession to reduce inflation, even if that means throwing millions out of work, out of their homes and guts pensions, which are usually based on the stock-market.

The drop in jobs is the latest piece of data which shows a dangerously worsening economic situation for the average American. Wages are losing ground to inflation at a steep rate, and a difficult October may mean a painful holiday season for many.

Press TV’s website can also be accessed at the following alternate addresses:

Press TV News Roku