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!
The month of April sees the total nonfarm payroll employment in the United States increased by 164,000. But the biggest update in the month of April is the unemployment rate edging down to 3.9 percent. This update comes after six months of being static at 4.1%. In terms of employment, jobs gains had occurred in the professional and business services, manufacturing, healthcare, and mining industries. In April, the unemployment rate marked down to 3.9%, following 6 months of being constantly marked at 4.1%. The number of people unemployed in the united states, locked at 6.3 million also edged down over the month.
Based on household survey data provided by the Bureau of Labour Statistics, the unemployment rate for adult women decreased to 3.5% in April. In terms of the jobless rates of other demographics adult men remained at 3.7% and teenagers at 12.9%. Whites remained at 3.6%, Blacks at 6.6%, Asians at 2.8% and Hispanics at 4.8%. Most of the demographics showed little to no change over the month of April.
Among the unemployed people, the number of job losers and people who completed temporary jobs has declined by 188,000 in the month of April to the total of 3 million. In terms of the long-term unemployed ( people who have been unemployed for 27 weeks or more). There was little change at 1.3 million. In the month of April, the long-term unemployed accounted for 20% of the total unemployed. Over the year, the number of long-term unemployed was down by 340,000.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 5.0 million in April. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or because they were unable to find full-time jobs.
Establishment Unemployment Survey Data
As explained above the Total nonfarm payroll employment increased by 164,000 in April, compared to an average monthly gain of 191,000 over the past one year. In April, job gains occurred in professional and business services, manufacturing, healthcare, and mining.
In April, employment in professional and business services increased by 54,000. Over the past 12 months, the industry has added 518,000 jobs.
Employment in manufacturing increased by 24,000 in April. Most of the gain was in the durable goods industry, with machinery adding 8,000 jobs and employment in fabricated metal products continuing to trend up (+4,000). Employment in Manufacturing has risen by 245,000 over the year, with about three-fourths of the growth in durable goods industries. The Healthcare industry added 24,000 jobs in April and 305,000 jobs over the year. In April, employment rose in ambulatory health care services (+17,000) and hospitals (+8,000). In April, employment in mining increased by 8,000, with most of the gain occurring in support activities for mining (+7,000). Since a recent low in October 2016, employment in mining has risen by 86,000. Employment changed little over the month in other major industries, including construction, wholesale trade, retail trade, transportation, and warehousing, information, financial activities, leisure and hospitality, and government.
Free tuition will be provided to the residents of San Francisco, announced the city’s Mayor. This would be done in partnership with a Community College which will make it the first city in the country to offer free tuition to its residents.
Ed Lee, Mayor of San Francisco announced that “The government will set aside $5.4 million per year for enrolment fees and other expenses for the City College of San Francisco students.”
However, $2.1 million of the total amount will be used to cover the cost of credit classes for California residents who have lived in San Francisco for a year.
The remaining $3.3 million in funding will go towards covering books, transportation, supplies and health fees for low-income students who have applied for Board of Governors (BOG) tuition waivers. Submit your details through this Federal Student Aid page to be a part of this initiative.
“The funding will cover 45,000 credits, wherein $46 credit will be allocated per student”, said the City College spokesperson, Jeffrey Hamilton. This is because course loads will vary and it is unpredictable as to how many students will come forth to receive free tuition until registration closes in fall,” he added.
This program was initiated to provide educational assistance to 28,000 to 30,000 students. This is bound to help the less fortunate students to have a level footing with students that study in City Colleges across San Francisco. However, there is no clear estimate as to how many students will enroll in this program.
Talking about progressive free education, Lee stated that, “This commitment will provide our residents the opportunity to attend college.
It will help them continue to learn and create better lives for themselves. This is an investment in our youth, in our city and in our future.”
Free College- A Way Forward
Influenced by Bernie Sanders’ 2016 campaign for president, Mayor Lee’s vision of a free college program has gained popularity in the state of San Francisco.
However, there are several other states that provide free tuition programs, that came into effect post Former President, Barack Obama’s initiative of a free community college in 2015.
Other states like Kentucky, Oregon, Tennessee, and Minnesota have last-dollar scholarship programs that cover any remaining tuition fees with varying eligibility requirements.
Mr. Lee’s plan of a free college is different from all other existing programs in the country. It allows all residents to enroll in the program, regardless of age with no varying eligibility requirements.
New York Governor, Andrew Cuomo’s proposal of tuition-free community colleges and Gina Raimondo proposal of two years of free tuition at state colleges and two years of benefits for community college students were pillars of making Lee envision an initiative that can benefit the poor. Bernie Sanders’ hailed the New York Plan and mentioned that it was a model for the nation.
Determining Your Unemployment Claim
If you are temporarily unemployed and need to apply for unemployment benefits then you should make use of all the resources on FileUnemployment.org. There are several articles that can keep you up to date with the job market and you can also review the benefits by state.
Take a look at this comprehensive list of the benefits comparison by state and you can get a fair idea of the unemployment rate and the benefits provided.
Also, you can review articles about whether you can get your benefits if you are shifting jobs or states. Get the latest news about the employment situation in America and learn about boon states and what you should do when you apply for a job. Learn, read and get to know about endless possibilities that await you!
April marks the lowest number of jobless claims and this means that those claiming new unemployment has never been this low. With the initial jobless claims decreasing by 9,000 against a proxy of layoffs in the US that was adjusted to 233,000 in the week.
What this means is that claims have now gone below the 300,000 mark for 162 weeks in a row and this is the longest streak since 1967.
Now the current streak has eclipsed the previous record of the longest stretch that ended in April 1970. However, this takes into consideration that the account of the labor force as compared to 1960s and the early 1970s as compared to today.
In March alone, the 14 initial jobless claims were filed for 10,000 people in the workforce. This was compared with 23 claims filed for every 10,000 in 1969.
This year there were twice as many people that joined the labor force as compared to the year 1969. With low consistent claim levels, this shows that the labor market is healthy because very few Americans are losing jobs and applying for benefits to help them during the period between the unemployment period and till they find a new job.
Due to constant growth in the industry, a steady and consistent job market, there are firms that ensure that workers enjoy job security. Also, since so many firms have been entering new markets, there is need to employ more labor resources and where workers are employed in the hundreds.
Stephen Stanley, Chief Economist at Amherst Pierpont Securities explains, “Even if you aren’t aggressively hiring, if you know the labor market is tight and it’s going to be difficult to hire someone. You’re only going to lay someone off if you had to.”
In terms of growth, there is enough data to prove that jobless claims have been volatile during holidays and when there are seasonal adjustments. This means that based on the different quarters, you would not be able to judge effectively if there have been several new positions created or if unemployment claims have increased due to layoffs.
This change in holidays and the seasonal adjustment can vary from year to year. As explained by Ian Shepherdson, Chief Economist at Pantheon Macroeconomics, “The changing date of the Easter holiday from year to year makes the seasonal adjustment process tricky from late March through late April, so further volatility in headline claims over the next few weeks can’t be ruled out.”
The four-week moving average of initial claims, a more-stable measure, increased last week to 230,000. More than 93% of manufacturers are positive about the outlook for the company’s prospects in the US economy. Wage growth has increased over the last 17 years and manufacturers expect a full-time employment to increase by 2.9% on average.
The recent report shows that the number of claims by workers was made for more than a week and this increased from 53,000 to 1,871,000 at the end of March. The health of the US labor market was defined by the low unemployment claims since 2000, the unemployment rate has remained at 4.1%. Also, there have been 90 straight months of the longest continuous job expansion on record.
The unemployment rate in the United States for the month of March 2018, remains unchanged at 4.1%. There has been no change in the unemployment rate since October 2017. However, in the month of March, the total nonfarm payroll employment increased by 103,000. There has been a significant increase in employment in industries such as construction, retail trade, professional and business services, manufacturing, financial activities, and mining.
March is the sixth consecutive month with the unemployment rate has remained at 4.1%, with the number of unemployed persons staying relatively unchanged at 6.7 million.
In terms of the major work groups, the unemployment rate for the blacks declined to 6.9% in March. Out of the unemployed demographic Adult men (3.7 percent), Adult Women (3.7 percent), Teenagers (13.5 percent) Showed no change from previous months. The same can be said for The Whites (3.6 percent), Asians (3.1 percent), and Hispanics (5.1 percent).
The number of long-term unemployed persons (People who haven’t been employed for more than 27 weeks) also remained relatively unchanged at 1.4 million. The long-term unemployed consisted of 20.3 % of the total number of unemployed people.
Employment increase in different industries
The total number of nonfarm employment had increased by 103,000 in March with an overall of 326,000 jobs. There was a significant rise in jobs in the manufacturing, health and mining industries.
In March, the Manufacturing industry increased by 22,000 jobs. Most of the gain in jobs in the manufacturing industry all stemmed from the durable goods component. Specifically, jobs grew in the manufacturing of fabricated metal products over the month (+9,000). Over the year, manufacturing has added 232,000 jobs. Out of the manufacturing industry the durable goods component accounted for about three-fourths of the jobs added.
March also saw a rise in jobs in the healthcare industry. The month saw 22,000 jobs added in the industry. Employment trended up mostly in the ambulatory health care services (+16,000) and hospitals (+10,000).
The Mining industry saw an increase of 9000 jobs, with gains occurring in support activities for mining (+6000) and in oil and gas extraction (+2000). Employment in the mining industry has risen by 78,000 since October 2016.
In terms of Professional and Business industries, March saw an uptick in jobs by 33,000 and has risen by 502,000 jobs over the year.
March saw little change in Retail trade employment with -4000, following the increase to 47,000 jobs in February. March observed a decline in employment by 13,000 in general merchandise stores. This decline, in turn, offsets the gain of a similar number of jobs created in February. With all the shift in jobs, over the year the retail trade industry depicts little net change.
The Construction industry also saw a decline in jobs (-15,000) following up from the large gain of 65,000 jobs in February.
There was little change in employment over the month in other major industries, which include wholesale trade, transportation, and warehousing, information, financial activities, leisure and hospitality as well as government.
The Employment Situation is a monthly report that is issued by the United States Bureau of Labour Statistics. Every month research and surveys are conducted in all demographics of the United States on the employment statistics and unemployment rates. If you would like a comparison of the employment statistics for this month and the previous month you can always find the Employment Situation report for the month of February at www.fileunemployment.org