This research paper was written not only as a class project but also an informative way to give the reader an in depth learning experience of the recession in 2001. I will be discussing topics like the effects the 9/11 attacks had on the recession and categories of workers and last but not least regional differences. Lets analyze the rise in unemployment first. The Labor Department said new jobless claims fell to 427,000 for the week ended Nov. 17 - a week shortened by the Veterans Day holiday - from a revised 444,000 a in just a weeks time before. Economists surveyed by Briefing.com expected 452,000 new claims. That is way too much to overlook so I'm sure that the government had their hands full during those two bad weeks. During the week of November 10 over 3.7 million dollars went to claiming workers benefits. Look at this graph to see how the unemployment curve kept rising:
As one can see from the graph the unemployment skyrocketed to a crazy 5.4% by October.
The effects of the 9/11 tragedy took their toll on our hearts and our fellow Americans. We can see how many ways it has affected us but we can only argue so much to see how it has greatly affected the unemployment rate. By October the unemployment rate was
1) Reduction of workers on full benefits (under lifetime employment, seniority-based salary and full retirement package).
Let's now take a look at the most types of workers laid off. Since most of the damage done by 9/11 then we can see that most people who lost their jobs were white-collar employees. The next were the high-tech fields. These employers relied so heavily on their stocks and highly paid employees that there were just too many people to pay at the end.
3) Switching from a seniority-based salary structure to a merit system reflecting each individual's ability and capability of carrying out tasks and contribution to the company.
You might also be interested in how laid off workers are coping with that problem of being jobless. Well in a report from the wall street journal I read that many workers laid off were treated for depression. Many workers have changed their daily routines. Some have been institutionalized for mild or high depression. Many workers are said to hit rock bottom and get what is know as a REALITY CHECK and get back into their daily lives without slowing down anyone else's. They seem to be the biggest percentage in the numbers of laid off. Most of them have not ad a hard time finding work. But nothing was written in my sources as to which jobs they are doing. A job could mean working at Wendys or it could mean back in an office, again I don't know. T
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