Despite the relatively low unemployment rate of 4.5 percent in June, job seekers are having a difficult time finding employment, and recent events suggest that the worst is yet to come. Sales of automobiles, homes and retail goods have sustained the economy, but further job losses could lead to a drop in consumer spending. The job market varies across regions, industries and skill levels—with the telecommunications, technology and manufacturing sectors and their corresponding regions faring the worst.
See "Job Seekers Finding Difficult Times", Philip Andrew Klein, The Washington Post, July 29, 2001