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China's  emergence as a major global manufacturing center has dealt a major blow to US industries were it once absorbed a large number of people employed in productive sectors.

July 03, 2010 (Hamsayeh.Net) - US unemployment soars in the month June after many temporary workers were laid off from their jobs at the US Census. The Obama administration last year funded a temporary service-type program that hired hundreds of thousands conducting consensus across the country.

Due to the very temporary nature of such programs, many workers have completed their assignments and therefore face lay offs. The economy lost 125,000 jobs last month making the overall official unemployment level stand at 9.5 percent. Real unemployment in bewildered US economy is more than 25 percent. China's  emergence as a major global manufacturing center has dealt a major blow to US industries were it once absorbed a large number of people employed in productive sectors.

But today even after injecting trillions of cash into the US economy, the Obama administration remains incompetent at creating even a minuscule number of labor intensive positions except hiring them as soldiers and mercenaries to fight some unending wars close to oil-rich regions halfway around the world.

Leading analysts believe the US-led neo-liberal free market ideology, which gained popularity after the collapse of the Soviet Union is behind today financial mayhems. The current state of unemployment is expected to get even worse as the direct consequence of US-led casino capitalism, which owes its very existence on sheer speculations rather than concrete economic theories.

Even Obama himself admitted that the job market is in big trouble, saying ‘The recession dug us a hole of about 8 million jobs deep, and we continue to fight headwinds from volatile global markets, so we still have a great deal of work to do to repair the economy and get the American people back to work.’ Obama failed to explain what he believed were the actual causes of this crisis.

Economists expect unemployment levels in the US soon to reach an all time high once more than 5 million people currently on unemployment benefits lose their coverage within the next few months.

'The recession dug us a hole of about 8 million jobs deep, and we continue to fight headwinds from volatile global markets, so we still have a great deal of work to do to repair the economy and get the American people back to work,' Obama admits.

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