The Impact of Economy Crisis on Employment

After Wall Street crisis, many people went jobless. The crisis has increased the un-employment to a four-year high. While America’s current unemployment numbers do not approach jobless rates of over 25% experienced during the Great Depression, the U.S. government has formulated a US$700 billion rescue plan to reduce further damage to the weakening global economy.

Un-employment has started its impact in US when the outsourcing has started to foreign countries. Now the US recession has increased more of the un-employment. In addition to this, there was pay-roll reduction in many industries, which resulted in dropping of many jobs countrywide.

The recruiting process in many states had shaken up. Some Seattle recruiters, who recruited the staff of headquarters of well-known global entities such as Starbuck’s, Nordstrom, Eddie Bauer, and Washington Mutual, say that Seattle is just starting to feel the brutal impact of the economy with the collapse of WaMu (Washington Mutual). However, they say that this impact will not stay for longer time. They have subtended even the competitions like outsourcings; just they are waiting for good times to arrive.