Current the official unemployment rate in the US is 9.8%. Economist feel that it will take till 2013 to have our unemployment hit 5%.
""Never before has business shed so many workers so fast, so many people failed to find work who are looking for work, and so many dropped out of the labor force as in the current circumstance," said Allen Sinai at Decision Economics."
The Labor Department reported that initial claims fell 33,000 to 521,000 in the week ended Oct. 3.
However, the decrease in continuing claims likely reflects people exhausting their unemployment benefits after several months of looking for work. This does not reflect that jobs are abundant, nor does it mean that economic conditions have improved dramatically.