2010- Another Difficult Year

The year 2010 is going to be another difficult year, so economists say. The unemployment rate peaked in October 2009 at 10.1%, and most expect it to decline only slightly throughout 2010. It looks to me that it has settled since early 2009 at a level that is still high compared to historic averages, but well below its peak. In other words, it appears that the nation has reached a level where layoffs may have diminished, but large-scale job creation has not yet occurred. The nonprofit sector (the company I work for provide services for nonprofits) have seen decrease in available funding from individuals, corporations, foundations, and Federal, state and local governments is expected to continue.

In response to the unemployment crisis, the federal government has passed an unprecedented series of extensions to unemployment benefits. These additional benefits are paid by the Federal government and not by employers. Timely help from the Feds, but can we get out of this rut already?