I just saw the video below on the unemployment rate in the US, and I have to say I am getting a bit worried. While I do have a job for now, it seems like the situation itself is not getting better. According to Reuters, the real unemployment rate counting part-time employed and those that have been unemployed for more than 6 months is 16%.. Now that’s significantly higher that the unemployment figures that just show new unemployment and counts those with part time work as having “full” jobs.
I went over to the bureau of labor statistics to see how this rate as described by Reuters trended over the past years, but I could not find it. Instead, I obtained this data from another website and I pasted the graph below. It shows this data included in the rate. I find it pretty alarming to see this broad increase over the past few years. What are your thoughts?
Reading the recent timelines have given me such headaches lately. This is the story of Satyam, one of the largest outsourcing companies in India. The CEO just announced that he falsified for quite some time now that the company had assets equal to $1 Billion, when as a matter of fact, there are no such assets. This company has hired over 50,000 employees, and it will be a tough time ahead for them. I for one, find this outraging. How can someone just “say” that they have so much money, especially when being audited by a respectable firm in PricewaterhouseCoopers? There is something wrong in the world today, when morals fly right out the window and lying becomes part of business. Perhaps I am naiive at such an early age, but I do believe in doing the right thing. In this case, one person will cause pain for many in turn. Shame on him.
You can read the article on the NYtimes site at: http://www.nytimes.com/2009/01/09/business/worldbusiness/09outsource.html