Washington, July 4, 2008 (ANI)

 

Indian grad students studying in the US are finding the summer hard. Those who chose not to go back to India for the summer break, hoping to get summer jobs are finding that for the first time there are no jobs...not even in grocery stores and fast food eateries. Employers cut 62,000 jobs in the month of June as soaring fuel prices and a slowing economy forced companies to reduce costs. The US Department of Labour reported that the economy has lost about 438,000 jobs since the beginning of the year. The unemployment rate was at 5.5%.

 

Amar a sophomore student at George Washington University realized that he could not stay in DC this summer and went home to Karachi. The eatery he was working in downtown area shut down when the owner was unable to make his lease payment. "The collapse of the housing bubble is slowly sinking more and more sectors of the economy", said Dean Baker, co-director of the Centre for Economic and Policy Research. The Labour department report states that 5.4 million Americans, about 3 percent of the workforce were working part time either because their hours had been cut or because they could not find full time employment. Charles Page a real estate agent in Centerville, Virginia once sold 5-6 million dollar homes. In barely a year he has gone bust and now works for a realty company that too part time.