June 1, 2012
Tags: Economy, Eurozone, Recession, Unemployment, United States
Rev 6:3-4 NCV When the Lamb opened the second seal, I heard the second living creature say, "Come!" Then another horse came out, a red one. Its rider was given power to take away peace (prosperity, rest) from the earth and to make people kill each other (butcher, slaughter, to maim violently, in streets), and he was given a big sword (assassins sword, terrorist, loud, mighty, sore afraid).
“Against all odds, the frameworks of the world’s economic, political, and social systems are being shaken and are beginning to crumble.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
The US economy’s unemployment rate increased slightly in April while the Eurozone’s held steady at a record high level.
The news sent all the US stock markets plunging lower in morning trading. The jobless rate in the US increased to 8.2%, up .1%, according to the Labor Department report. The number of jobs added in March and April was revised down by 49,000 and there are now five million fewer jobs in the US than at the start of the recession.
In addition, the number of “long-term unemployed,” defined as those unemployed for more than 27 weeks, rose by 300,000 in May to 5.4 million Americans.
In the eurozone, the unemployment level remained at 11%, unchanged from March but still the highest recorded level. Spain topped the eurozone nations with 24.3% unemployment. Across the entire 27 nation European Union, the jobless rate rose to 10.3%.
An economist at ING told the BBC that the labor market recession is spreading and deepening.