The September unemployment rate declined to 3.7% in September and the total nonfarm payroll employment increased by 134,000. The main job gains were in the professional and business services which includes health care, transportation and warehousing.
Hurricane Florence affected sections of the East Coast in the month of September and this would be the reference periods for establishment and household surveys. Response rates for the two surveys were within the normal range. When it comes to the establishment survey, the reference period of the pay period is the 12th of the month.
But unusual weather is more likely to have an impact on the average weekly hours than on employment. You should know that average weekly hours are estimated for paid time during the pay period which includes holidays, sick leave and time off from work. The impact could be severe weather on hours and this could result in a reduction in the average weekly hours. For instance, while some employees do not work for part of the pay period or haven’t received pay for time missed others could deal with cleanup, repair and extra work hours.
While the unemployment rate declined by 0.2% leaving it at 3.7%, accordingly the number of unemployed decreased by 270,000 to 6 million. In the last year, the unemployment rate and number of unemployed persons declined by 0.5 percentage points closing it at 795,000 unemployed persons.
Unemployment Rates for Worker Groups
Among the major worker groups, the unemployment rates are:
Adult women: 3.3%
Adult men: 3.4%
While the unemployment for white and adult women declined in September. There was little or no change for adult men, teenagers, Blacks, Asians and Hispanics over the entire month.
At the same time, the number of long term unemployed or those that are jobless for 27 weeks or more changed a little at 1.4 million over the month. These individuals accounted for 22.9 percent of all unemployed.
In September, the labor force participation rate remained at 62.7%, and the employment population ratio changed a little at 60.4%. The number of persons employed part time for economic reasons increased by 263,000 to 4.6 million in September.
Also, 1.6 million persons were marginally attached to the labor force which is almost the same as before from a year earlier. These individuals do not fall under the labor force but looked for work for the last 12 months.
Of the marginally attached workers, there were 383,000 discouraged workers which is almost unchanged from a year ago. The remaining 1.2 million persons are marginally attached to the labor force in September and had not searched for work for reasons such as school attendance or family responsibilities.
Nonfarm Payroll Employment
The nonfarm employment rose by 134,000 in September as compared to the average monthly gain of 201,000 over the previous 12 months. In September, job gains have occured in professional and business services, health care, and transportation and warehousing. At the same time employment has increased by 54,000 in professional and business services and rose by 560,000 over the year.
Similarly, health care employment grew by 26,000. Hospitals added 12,000 jobs while ambulance health care services increased by 10,000. Overall, health care employment has increased by 302,000.
Transportation and warehousing employment rose by 24,000. Job gains in warehousing and storage increased by 8,000, couriers and messengers by 5,000 and the over all transportation and warehousing would be increased by 174,000.
Construction employment continued to trend up by 23,000. The industry in total added 315,000 jobs over the past 12 months. Employment in manufacturing continued to grow as 18,000 people joined the workforce. Over the past 12 months, manufacturing added 278,000 jobs which is four-fifths of the gain of the durable goods.
Mining rose by 6,000 over the month and 53,000 over the year. The hospitality and leisure industry lost 17,000 jobs in the month of September. There is little or no change in wholesale trade, retail trade, information, financial activities and government.
The total nonfarm payroll employment for July was revised from +147,000 to +165,000 and the change for August was revised up from +201,000 to +270,000. Based on these revisions, employment gains in July and August combined were 87,000. Also, after the revisions job gains has averaged 190,000 per month for the last 3 months in 2018.
The Unemployment rate in the United States remains unchanged at 3.9% while the total nonfarm payroll employment increased by 201,000 in the month of August. The US Bureau of Labor Statistics in their monthly report state that job gains occurred in professional and business services, wholesale trade, health care, transportation and warehousing and mining industries.
As stated above, the unemployment rate remained at 3.9% in August and the number of unemployed personnel remained at 6.2 million.
Household Survey Unemployment Data
In terms of the major worker groups, the unemployment rate for adult men was at 3.5%, and adult women tallied at 3.6% unemployed. Unemployed teenagers were accounted at 12.8%.
The Whites accounted at 3.4%, Blacks at 6.3%, Asians at 3% and Hispanics at 4.7%. There was little to no change in the unemployment rates for each major worker groups.
The number of long term unemployed people changed little in the month of August at 1.3 million and accounted for 21.5% of the total unemployed. Long term unemployed are people who have been jobless for 27 weeks or more. Over the year, the long term unemployed numbers have declined by 403,000.
In other findings from the report, the labor force participation rate (62.7%) and the employment population ratio (60.3%) both declined by 0.2% in the month of August 2018.
When it comes to people employed part time for economic reasons (also known as involuntary part time workers), at 4.4 million, changed little in the month of August. However, the number has been down by 830,000. It should be noted that these individuals preferred full-time employment but had to work part time because of reduced hours or the lack of full-time jobs.
The month of August 2018 sees 1.4 million people marginally attached to the labor force, which is a slight difference from the previous year. These people were not in the labor force, were looking to seek employment and have been searching for jobs sometime in the past 12 months.
Non Farm Payroll
In the month of August, the total non farm payroll employment had increased by 201,000. This is in tune with the average monthly gain of 196,000 over the past year. In the month of August, employment increased in the following industries:
Professional and Business Services
Transportation and Warehousing
The Professional and business services added in 53,000 jobs in the month of August. The professional and business services added in 519,000 over the past 12 months.
August 2018 sees an employment rise in the healthcare industry by 33,000. Most of the jobs gains stem mostly from ambulatory health care services with 21,000 jobs. Job gains of about 8,000 were seen in hospitals. Over the year, the healthcare industry has added in 301,000 jobs.
Employment in the wholesale trade industry increased by 22,000 in the month of August and 99,000 over the past 12 months. From the industry, the durable goods wholesalers added 14,000 jobs over the month. This accounted for about two-thirds of the over the year job gain in the wholesale trade industry.
The transportation and warehousing industry rose by 20,000 jobs in the month of August. The industry has risen by 173,000 jobs over the past year. Within the industry, couriers and messengers have been responsible for adding in around 4,000 jobs in the month of August.
The mining industry had a rise in employment by 6,000 jobs in the month of August and showed little change from its progress in July. Since a recent dip in October 2016, the mining industry has added in 104,000 jobs. Most of the jobs in entire support of mining activities.
The construction industry continues to have an uptick of 23,000 jobs in the month of August. Over the year, the construction industry has increased its jobs by 297,000 over the year.
The manufacturing industry changed slightly negatively in the month of August, with a loss of 3,000 jobs. Over the past 12 months, employment in the industry was up by 254,000. More than 3/4th of the gains were from the durable goods segment in the industry.
In terms of employment in other major industries, there was little to no change in employment. These major industries include retail trade, information, financial activities, leisure and hospitality and government.
United States President Donald Trump’s quest for job creation in the United States has had many twists and turns. President Trump believes that the solution to creating more jobs in the United States is through levying heavy trade tariffs, targeting mostly Chinese made products.
In 2018 alone, Trumps has levied tariffs on 10,000+ products from China, Canada and European Union. In reciprocation these countries have levied their own trade tariffs on American goods. While this may help certain industries to create more jobs within the country, there is always the scenario of cause and effect.
What President Trump has failed to realise, is that levying high tariffs on foreign goods does not affect traders but more importantly set the burden onto the American consumers. In order for American consumers to obtain foreign goods, they will have to pay the high tariffs of trade instead of the supplier.
Trade Tariffs Impacts Agrarian Economy
The main industry that is affected by trump’s tariffs is the agriculture industry. This is because all the profits that farmers gain from trade become nullified because of the high tariffs, and this will result in severe losses.
While setting tariffs on agriculture would be a smart thing to do because the industry is solely export based. It leads the country to be vulnerable from trade tariffs being set by foreign countries. China is the second largest buyer of agricultural exports from agricultural exports. This means that farmers are particularly affected.
China retaliated by levying 25% duties on US agricultural products, which estimates to around $45 Billion. US producers of soybean, corn, poultry and beef were affected the most. As a result, farmers and agricultural workers have a hard time making a living in a sector that has always lagged behind historically in the national average of all industries.
Not to mention, poorer areas of the United States will be afflicted much more than others. States like Louisiana, Alabama and South Carolina have per capita incomes much lesser than the national average.
These households face the greatest threat in the export dependant agricultural companies, because of the inability to do business with one of their most important trade partners.
While it is significant that industries like the steel and aluminium stand to benefit from trade tariffs (possibility of gaining 26,000+ jobs), every industry is connected to each other. The high tariffs of steel and aluminum can affect the manufacturing of other products that use steel and aluminium. The dependency of a certain product and increase in trade tariffs can result in the loss of 400,000 jobs in other industries.
Not only that, automobile companies like Ford or Mercedes Benz/ BMW will also be hit majorly with the trade tariffs being levied. While it may seem like a good idea to prevent the influx of foreign vehicles, these automobile companies have their largest factories situated right in the United States.
Higher tariffs on raw materials like Steel and Aluminium leads to higher production costs for the automobile industry. This in turn would lead to more reliance on machines and higher number of layoffs of human resource. This would lead countless number of jobs being lost and a rising unemployment rate.
Companies Affected by Trade Tariffs
Just this year, the largest nail maker in the US, Mid-Continent Nail had to let go of 60 workers after their sales plunged by 70% after Trump’s implementation of a 25% tariff on steel from Canada and Mexico. Similarly, the Poplar Bluff Company had to raise its prices which led to defection by customers. The company worries of more layoffs and the termination of the entire 500 member workforce by Labor Day.
World renowned motorcycle company Harley-Davidson aims to shift a portion of its motorcycle manufacturing to outside the US in order to survive the trade war. The Milwaukee based motorcycle company stated in public filing that the move was paramount in preserving its second biggest sales market after the European marked imposed new tariffs. The company intends to close its plant in Kansas, Missouri, and add jobs to its Pennsylvania facility.
Meanwhile, Tariffs can lead to the cause of 4000 workers becoming unemployed at the Volvo plant in South Carolina. Volvo Cars Chief Executive Hakan Samuellsson told Reuters that trade barriers and restrictions were preventing them from creating as many jobs as they hoped to plan.
Now with the trade war deemed to escalate, it would mean the potential decrease in jobs. If you are currently looking for employment, it is advisable to check www.fileunemployment.org to see the unemployment benefits you could avail from the city/state you reside in. Also check out the various articles that provide vital information as to getting employed in the United States.
July 2018 saw the unemployment rate edge down to 3.9% from June’s 4.0%. The number of unemployed decreased by 284,000 to 6.3 million in the month of July. In both cases, numbers were down over the year by 0.4% and 676,000 numerically.
In terms of the major working groups, the unemployment rate for adult men and whites both declined to 3.4% in the month of July. The jobless rates for adult women remained at 3.7%. Teenagers at 13.1%, blacks at 6.6%, Asians at 3.1% and Hispanics at 4.5%.
When it comes to unemployed persons, the number of re-entrants to the labor force had a decrease of 287,000 in July to 1.8 million, following the increase in June. (Re-entrants are people who were previously employed but were not part of the labor force prior to beginning their job search)
Out of the total unemployed, the number of long term unemployed persons (those who have been unemployed for 27 weeks or more) remained unchanged from the 1.4 million in July. The long term unemployed accounted for 22.7% of the total unemployed.
The Labor participation rate for the month of July remained unchanged at 62.9% over the month of July as well as the year. The employment population ratio which is at 60.5% changed little in July but increased by 0.3% over the past 12 months.
The number of people who are employed part time for economical reasons (aka involuntary part time workers) changed little from 4.6 million in July, but over the year was down by 669,000. These people, would have preferred full time employment, had to settle for part time because of reduced hours and the inability to find full time jobs.
July 2018 sees 1.5 million people marginally attached to the labor force, which is a slight difference from the previous year. These people were not part of the labor force, wanted and were available for work, and were looking for jobs during the prior 12 months. The Bureau of Labor Statistics did not count them as unemployed because they did not look out for work for in the 4 weeks preceding the survey.
When it comes to the marginally attached, there were 512,00 workers who were discouraged, which is a slight change compared to the previous year. Discouraged workers are termed for people who aren’t currently look for work because of their belief that no jobs are available to them. The remainder 1 million people who are marginally attached to the labor force in July had not searched for employment due to family responsibilities and school attendance.
Non Farm Payroll Employment
The total non farm payroll employment increased by 157,000 in July 2018. This is in comparison to the average monthly gain of 203,000 in the past year. July saw job gains occur in professional and business services, manufacturing, health care and social assistance industries
Out of the non farm payroll employment increase, the professional and business services increased by 51,000 in the month, and 518,000 jobs over the year. Over the month, employment increased in the temporary health services by 28,000 and computer systems design and related services by 8000.
The manufacturing industry added in 37,000 in the month of july, with most gains in the durable goods component. There was an increase in employment in transportation equipment by 13000, 6000 in machinery and 2000 jobs in the electronic instruments industry. Over the past year, the manufacturing industry has added in 327,000 jobs.
Employment in health care and social assistance industries rose by 34,000 in the month of July. The healthcare industry trended up in employment over the month with 17000 jobs, contributing to an increase of 286,000 jobs over the year. Hospitals added in 7000 jobs over the month, whereas social assistance, individual and family services added in 16,000 jobs in July and 77,000 jobs over the year.
Employment in food services and drinking places continued to trend up over the month (+26,000). Over the year, the industry has added 203,000 jobs.
Construction employment continued to trend up in July (+19,000) and has increased by 308,000 over the year.
In July, employment in retail trade changed little (+7,000). Job gains occurred in general merchandise stores (+14,000), clothing and clothing accessories stores (+10,000), and food and beverage stores (+8,000). These employment gains were offset by a decline of 32,000 in sporting goods, hobby, book, and music stores, reflecting job losses in hobby, toy, and game stores.
Employment showed little or no change over the month in other major industries, including mining, wholesale trade, transportation and warehousing, information, financial activities, and government.
The Employment Situation is a monthly report and survey conducted by the United States Bureau of Labour Statistics.
June 2018 sees the total nonfarm payroll employment increased by 213,000 and the unemployment rate rise 4.0% from the previous 3.9%. The U.S Bureau of Labor Statistics has stated that job growth mostly occurred in the professional and business services, manufacturing and healthcare industries while retail trade industries faltered and lost jobs.
Household Survey Data:
June saw the total unemployment rate rise by 0.2 percent to make the rate 4.0% overall. The number of unemployed persons also increased by 499,000 to 6.6 million overall. Looking back at the previous year, the unemployment rate was at 4.3% and the number of unemployed personnel was 7.0 million.
In the major worker groups, the unemployment rates among adult men were 3.7% and adult women standing at 3.7%. These two working groups and the Asian worker groups at 3.2% had an increase in the month of June. The unemployment rate for teenagers was at 12.6%, Whites at 3.5%, Blacks at 6.5% and Hispanics at 4.6% showing no change over the month.
When it comes to the unemployed, the number of job losses and people with temporary jobs increased by 211,000 in June resulting in an overall 3.1 million. The total number of re-entrants into the labor force rose by 204,000 leading to a total of 2.1 million. Re-entrants are those people who previously had worked but weren’t a part of the labor force prior to when they began their job search.
In terms of the number of long-term unemployed persons (people who have been unemployed for 27 weeks or more) increased by 289,000 in June, totaling 1.5 million unemployed. These long-term unemployed people accounted for 23% of the total unemployed.
June saw the civilian labor force grow by 601,000. The labor force participation rate increased by 0.2% over the month to 62.9% overall but hasn’t depicted a clear trend so far this year.
The employment-population ratio, however, has been unchanged at 60.4% in June and has been essentially flat since February of 2018.
NonFarm Payroll Employment
The total nonfarm payroll employment for the month of June increased by 213,000 and has risen by 2.4 million over the past year. In June, job gains occurred in professional and business service industries, manufacturing industries and the healthcare industries. However, the month of June saw a decline in employment in the retail trade industry.
The professional and business services industries increased jobs by 50,000 in the month of June, all of which has contributed to the 521,000 jobs created in the past 12 months.
The manufacturing industries added in 36,000 jobs in the month of June. The durable goods manufacturing industry accounted for nearly all the increase in employment, with the inclusion of job gains in fabricated metal products (+ 7,000). Computer and electronic products had an increase in 5000 jobs, primary metals with 3000 jobs and motor vehicles and parts with 12000 jobs. The increase in jobs for the motor vehicles and parts industries comes after a large decrease of 8000 jobs in May 2018. Over the past 12 months, the manufacturing industry overall added 285,000 jobs.
The Healthcare industry in the United States increased its employment by 25,000 in the month of June. Over the year, the healthcare industry has added 309,000 jobs in the United States. In the healthcare industry, hospitals added in 11,000 jobs and employment in ambulatory health care services added in 14,000 jobs.
Employment in the construction industry has a constant uptick in employment with 13,000 jobs in the month of June. Over the year, the construction industry has garnered 282,000 jobs.
Employment in the mining industry continued in an upward trend with 5000 jobs added. The industry suffered a low point in October 2016 and since then added 95,000 jobs. The addition of jobs was mostly in support activities for mining.
The month of June saw the retail trade industry lose 22,000 jobs. The decline of jobs will majorly impact the gain of 25,000 jobs that were made in May 2018.
In terms of major industries, there was little or no change in the month of June. The industries that saw minimal change in employment are the wholesale trade, transportation and warehousing, information industries, financial activities, leisure and hospitality industries and government-run industries.
In the US, the Social Security Disability Insurance program is one of the most misused programs. The newly added feature states that those who received SSDI benefits would be reviewed. Before the added feature, once people are in the SSDI system that they can rarely get off until now.
A New York Times report suggests that social security plunged as the economy continues to get stronger. This shows that disability claims have fallen to a 15-year low where only 8.63 million received disability benefits as compared to 8.96 million in September 2014.
This showcased that projected solvency of Social Security of the long depleted Disability Insurance trust fund has been extended to 2032. This is nine years later since the projection was two years ago. In this regard, this is a massive gain and explains that there has been a huge drop in the number of beneficiaries. While the disability claims fell to a 15 year low in 2017, it also saw a projected solvency of Social Security of the Disability Insurance trust fund to be extended all the way to 2032. This means that the number of people in the program’s rolls has fallen by more than 350,000 from its peak four years ago.
This helps predict the economy as it continues to improve. The two things that you notice about this is that people prefer their dignity of having a job and the second is that they are tempted to cheat if the jobs are scarce which is not a good sign. While a strong economy should not have a big effect on how many people are too disabled to work. At the same time, there are some that abuse the system to make a gain. In this case, it’s as simple as reasoning that certain people would defraud the system instead of getting off the couch.
On one hand, applications for disability benefits jumped nearly one-third in the first two years after one of the worst financial crises hit the U.S. Though there was an outpour of applications, this did not afflict the several people that subscribed to the system.
This comes at a time when the Trump administration projected that $72.5 billion would be slashed from Social Security disability programs. Though the Trump administration deserves some credit for the reduction in SSDI claims, it makes it impossible for people to apply for both disability payments and unemployment benefits.
At the same time, magistrates would evaluate disability claims that are retrained to avoid awarding several payments to those that make a mockery of the system. So the question is, who benefits from the decline in the SSDI claims?
The straightforward answer would be the taxpayer for sure. Here people that are genuinely disabled and unable to work would be allowed to receive disability.
In today’s society, there is a safety net for people that are incapable of supporting themselves. It is when able people claim benefits that it destroys the support structure of the system.
The thumb rule is those capable people that can support themselves should not drain the funds for those that cannot work. Thus, a leaner disability program would ensure that fewer people would benefit from a stronger program with a safer trust fund.
While there is also another set of beneficiaries that really do not deserve the SSDI benefits, this would lead them to have jobs and leading honest working lifestyles.
While disabled workers can apply for both SSDI and Workers Compensation (WC) benefits, there is an estimated 10% of the SSDI beneficiaries that qualify for WC benefits. In the same way when evaluating how individual states treat SSDI within their workers’ compensation system regulatory framework. This is an important trend that involves dual receipts.
In addition, this is critical to understand how federal and state insurance programs share the cost incurred in caring for these individuals. Here, the number of SSDI beneficiaries rose by 58% and the SSDI expenditures grew by 138% between the 15-year period of 2001 to 2015.
In terms of expenses, this means that expenditures grew from $60 billion to $143 billion and peaked in 2010. After which, the number of SSDI beneficiaries have been stable and growth has been moderated.
This leaves the Social Security Administration to suggest that the number of applicants is to decline after the recession when the number of beneficiaries peaked. So even when the government number crunchers were unaccounted for, the duration of the fall set it off.
At the same time, the expansion of Medicaid in 33 states and the District of Columbia has been successful. It has improved insurance coverage under the Affordable Care Act where experts argue that fewer people look into the disability program as a way to obtain health care.
To finally understand the ramifications of this, a 2017 study explains that there are field office closings that lead to large reductions in a number of disabled applicants. Those that had moderately severe conditions, low education levels, pre-application earnings were hit the hardest.
How do you know if you are eligible? Try the Eligibility Calculator and get to know if you can receive the benefits that you are due. This way, you can learn about the amount that you would receive in terms of benefits based on the wages that you earned. This is sure to help you identify what you are eligible for and that you get your fair share of what is due to you.
The total nonfarm payroll employment in the United States increased by 223,000 in May 2018. Coincidentally, the unemployment rate in the United States edged down further to 3.8%, as reported by the US Bureau of Labor Statistics. There has been a steady uptick in employment in several industries. These industries include retail trade, health care, and construction.
Over the years, the unemployment rate in the country edged down by 0.5% which resulted in the number of unemployed persons declining by 772,000. The total number of unemployed persons has declined to 6.1 million.
Among the major working groups, the unemployment rate for adult men was 3.5%. African-Americans were reported to be at 5.9% and Asians to be at 2.1% The jobless rates for adult women were reported to be at 3.3%, teenagers at 12.8%. Whites and Hispanics were reported to be at 3.5% and 4.9% respectively.
When it comes to the number of long-term unemployed ( people jobless for 27 weeks or more), there was little to no change at 1.2 million in May. the long-term unemployed accounted for 19.4% of the total unemployed. Over the past year, the number of long-term unemployed declined by 476,000.
The labor force participation rate for the month of may changed little at 62.7% while the employment-population ratio remained at 60.4%.
Nonfarm Payroll Employment
May 2018 saw the total nonfarm payroll increase by 223,000. This is in comparison of the average monthly gain of 191,000 over the past 12 months. Over the month of may, employment trended up in many industries, namely retail trade, health care and construction.
May saw the retail trade industry add 31,000 jobs, with gains mostly occurring in general merchandise stores (+13,000) and building material and garden supply stores (+6000). Over the year, the retail trade industry added 125,000 jobs.
The healthcare industry saw its employment increase by 29,000 in May. This is similar to the average monthly gain in employment in the past 12 months. Employment in ambulatory health services was increased by 18,000 jobs in May while employment in hospitals trended up by 6000.
The Construction industry continues its upward trend in Employment with the addition of +25000 jobs in the month of May. Over the past 12 months, the construction industry has raised 286,000 jobs. Within the construction industry, nonresidential specialty trade contractors added 15,000 jobs over the month.
Professional and technical services saw its employment trend up by +23000 jobs in May and have risen in jobs by 206,000 over the year.
The transportation and warehousing industry added 19,000 jobs in the month of May and 156,000 jobs in the past 12 months. Job gains of +7000 occurred in warehousing and storage, and +5000 jobs were gained in couriers and messengers.
Employment in the manufacturing industries expanded by +18000 over the month of may. Durable goods accounted for most of the increase in jobs, with the inclusion of 6000 jobs in machinery. Employment in manufacturing industries rose by 259,000 over the year with about 3/4th of jobs coming from the durable goods industries.
The mining industry added in 6000 jobs in the month of may. Since the low point occurring in October 2016, the mining industry has grown by 91,000 jobs. This is mostly because of support activities for mining which accounts for nearly all of the increase in jobs.
In terms of other major industries like wholesale trade, information, financial activities, leisure and hospitality and government saw little to no change in the month of May 2018.
To spell it out in his own words, President Trump tweeted, “In many ways, this is the greatest economy in the HISTORY of America.” This poses a question of whether the economy is doing exceptionally well post the Obama administration. This is based on the big difference between the level of economic performance and the direction of change in the economy based on the pace of development.
How much economic activity is needed to provide a level playing field for further expansion? Or could this lead to a drastic recession? Similarly, this should be determined based on the pace of growth. This can be reviewed on the per-person gross domestic product which is adjusted for inflation which is at its highest ever. Also, there are several workers that tend to become more productive based on the improving technological standards, raising capital and the amount of national machinery.
Numbers Behind the Facts
The GDP is set to rise and occasionally dip during a recession. Based on this, it accounts for 60 percent of modern GDP statistics since 1947 as the President claims that its the best it’s ever been. At 3.8 percent, unemployment level is at its lowest level in 18 years which is at its lowest its been since 1969. But the lowest on record was in 1953 when unemployment was at 2.5 percent. While looking at these stats, you would realize that 79.2 percent were back at work in May which to some extent is lower than the 80.3 percent high in early 2007 and the highest being 81.9 percent in 2000.
Obama added an average of 195,000 jobs per month while in the first 17 months of the Trump administration, there has been an average of 190,000 jobs. While there are several problems that plague the US economy, the credit for this can be simply seen in the number as there are several opportunities in the offering.
While certain sectors have seen a dramatic rise that has contributed to the growth of the economy on the whole. This includes 223,000 jobs added last month in retail and other sectors which include healthcare. Also, unemployment for college graduates is under 2 percent and only 3.9 percent for those that have only a high school diploma.
Similarly, African-Americans jobless rate has tumbled from 6.6 percent to a record-low of 5.9 percent. This is also the first time that ever that the number of job openings exceeds the number of unemployed Americans. Moreover, people unemployed for more than 27 weeks has fallen by as much as 476,000 over the past year. To simply explain this phenomenon, you should know that what’s “powering the economy is the economy.”
While in 2000, the last time unemployment was this low was when the participation rate was 67 percent. Also, GDP grew at a robust 4.1 percent while the federal budget saw a definitive surplus. Similarly, the US economy grew at 2.3 percent in 2017 and the budget deficit will hit the $1 trillion mark by next year.
This accounts for rising inequality as wage growth is slower and more people look to work as independent contractors and this gives employers “more leverage to drive down pay cut benefits.”
While jobs seemingly move from one place to another, certain groups would have a higher tax and this revenue would be spent on the remaining groups. The worst possible scenario is if unnecessary regulations are imposed with licensing regulations.
When you look back at the Trump Economy, you would point out the incredibly sensitive policies that have put America back on a strong growth projectile. Whether it’s the 1950s to the Great Recession, the longest a person was unemployed was 21 weeks.
But, this increased in 2011 as the average unemployed length doubled to more than 40 weeks. This would cause most of America’s workforce to stop looking out for work. When it comes down to the math, this is 1 million jobs and an additional 1 million Americans before recession too. So if you take a closer look unemployment averages in certain places grew to 4.2 percent.
WorkForce Participation Rate Vs Unemployment Rate
While ObamaCare created a class of employers called the 49ers, in which companies decided to stay out of the healthcare reforms. These are companies with fewer than 50 employees that provide health care coverage. Also, another class was the 29ers which worked on limited hours and this reduced further before they were considered full-time employees.
Then the ObamaCare announced the projects of hours worked would represent “a decline in the number of full-time-equivalent workers of about 2.0 million in 2017, rising to about 2.5 million in 2024.” However, there has been a lot of change in terms of the incumbent government’s policy updates that have improved the job cycle drastically. With this, the economic boom caused by these policies have helped manufacturing jobs but as Obama had remarked once, these jobs would never come back. However, Tony Veland, Director of Business Development for AIM, a local not-for-profit expressed, “The new policies would help train and place people in tech jobs.”
He added, “While low unemployment rates are good news for job seekers, employers are struggling to fill open positions.” This is however not a bad thing as this primarily means that there are new spots open for the current workforce and several opportunities for the individual workforce.
Are you still unemployed? Then you should consider brushing up your interview skills before you head out for a job interview. Here’s a look at places to find your dream job!
Well, if you still have questions that are still unanswered then you should send your queries to the Community Forums where several experts in the field are sure to help you on your way. For further information on which state to apply for, you can choose between these 14 states with the lowest unemployment rates.
President Donald Trump broke protocol and tweeted that there was a positive job report with the lowest unemployment. However, the current Federal Rule states that the executive branch employees are required not to comment on major economic reports.
This jobs report is usually kept under wraps till the Labor Department publishes it at 8:30 am. Here investors can misuse this data before it becomes public.
The jobless rate further dropped to 3.8% in May and there was a sign of a strong economy with a tight labor market. The employed percentage of America’s population stands at 60.4% which is still below pre-recession levels.
Josh Wright, Chief Economist at iCIMIS expressed, “This fell for several reasons with more people joining the labor market and several employers digging deeper into the pool of unemployed.” They have got the lowest unemployment rate since 1969 and the only other time it this low was in April 2000.
The increase in jobs paint a picture of the economy that determines the opportunities that almost anyone can get a hold of. Constantly, there is a thin gap between black and white unemployment which has tapered down to its lowest ever Black Unemployment rate.
There are several job openings based on the African- American and Asian-American that has seen a steady decline. This has seen a drop in low-education workers and teenagers. This includes the age category of 16-19 years which has fallen from 14.1% to 12.8%.
America’s population stands at 60.4% which is well below the pre-recession levels. This economy has added 223,000 jobs in May and this has constantly enhanced the economy. This can be found in key sectors like retail, health care and construction. While the economy added 207,000 jobs this month, it improved at a faster pace which is better than the average last year.
Wright expressed that the US economy has this incredible head of steam and this is the second-longest streak over the last nine years. Employers have added jobs every month and these wages have increased by 2.7% which is also higher than the previous year.
Though wage growth has picked up in recent months, economists are puzzled at how long it would take for it for it to climb faster. This job market works with employers that are typically looking to attract workers for a favorable wage. The last time unemployment was this low was in 2000 when it grew at the pace of 4%.
Similarly, there has been a boost in productivity and inflation which has seen its previous periods of growth increase based on the base wage rate. For workers, there has been an erosion of bargaining power that played its role.
The other explanation for this economic phenomenon is based on how the younger people and those reentering the job market would fill positions. Also, this could be based on whether they are better-paid veteran workers, and those that retire or look for new positions at another job site.
While uncertainties have been swept under the rug, there are several economists that express that this will increase competitions and jobs in the process. Several companies look to announce pay hikes and there are several benefits that would look to draw workers to their businesses.
One such business is Costco and this would raise wages for US employees from $1 to a minimum of $14 per hour. Additionally, bond yields have jumped significantly as the dollar inches higher.
While many exclaimed that is would be unwarranted for, this is welcome news for several aspirants that have been constantly looking for opportunities.
April 2018 marks the 107th month of the current economic expansion that had begun in June of 2009. This expansion surpassed what was previously regarded as the second longest economic expansion in US history from February 1961 to December 1969. With the assumption that this economic performance continues, the record low jobless rates in 14 states will become part of the second longest economic expansion in US history.
Fourteen states have set new records for low unemployment rates in the previous year, which is nearly a decade after the recession that left a large populous of Americans unemployed. States that hit the new unemployment low are Hawaii (2.1%), Idaho (2.9%), Kentucky (4%), Maine (2.7%), Mississippi (4.5%). Oregon (4.1%) and Wisconsin (2.9%)
The State of California as well set a new record last month. The unemployment rate of the Golden State stands at 4.1% according to the unemployment situation a bi-monthly report published by the United States Bureau of Labor Statistics. That’s the lowest rate recorded since BLS began keeping track of state-level unemployment figures in 1976. It’s a third of the 12.3% unemployment rate California notched at the height of the recession in December 2010. Among the other states to reach an all-time low is Colorado at 2.6%, Alabama at 3.7%, Texas at 3.9%. All these states have attained an all-time low in comparison to the 8.3% they averaged during the recession period of December 2010.
In terms of the remainder of the 14 states with the low unemployment rate, Tennessee has fallen to the lowest unemployment rate it has ever measured, 3.3 percent, in January. Hawaii’s unemployment rate is the lowest in the nation. Idaho, Iowa, Maine, Nebraska, New Hampshire, North Dakota and Wisconsin all have unemployment rates lower than 3%.
It seems likely that the current economic and job growth continues well into next year. It also depends on a major trade war or other major economic/political risks that would derail the expansion. May of 2019 will be the 121st month of the current expansion and will break the previous record 120-month expansion from March 1991 to March 2001. In the meantime, the two important economic milestones outlined above of record jobless rates in more than one out of four US states. Along with surpassing the previous 106-month record for the second longest uninterrupted period of economic expansion in US history. The decline in unemployment rates is a reason for the public of the United States should rejoice!