Friday October 22, 2021
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Unemployment Up, Home Prices Down as U.S. Economy Slows

by Masao Suzuki |
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Protest at Minnesota State Capitol against attempts to place effects of economic crisis on to the backs of poor and working people. (Fight Back! News/Staff)

San José, CA - In the first week of June, two important reports showed a sharp slowdown in the U.S. economy. On Friday, June 3, the Department of Labor said that unemployment in May rose to 9.1%, while only 54,000 new jobs were created, far less than what mainstream economists were predicting. Two days earlier, on June 1, a report on home prices showed another drop of 4.2% in the first three months of 2011, bringing home prices to a new low since the housing market began to tank in 2006.

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