The job market might start to get better in the next 5 years.
Jennifer McClelland | RSS | 2 Comments
The new data from the United States Department of Labor was released recently and the outlook for recovery in the job market is a bit depressing. The data suggests it will take many years for the labor market to fully recover to the level it was before the recession. This is even if the economy is turning around.
Unemployment rose to 9.7% in August which equates to 14.9 million people who are out of work and are currently looking for a job. The unemployment rate of 9.7% is the total population, when you divide that number into populations such as teenagers the number can vary greatly. The unemployment rate for teenagers is around 26%.
What is going wrong with the system right now is that to keep up with population increase and other natural increases, 125,000 jobs have to be created every month to keep up. Currently, we’re still losing jobs every month. Even though we’re losing jobs at a much slower rate than earlier this year, we’re still not gaining any ground.
Here are some figures from MSNBC and the Department of Labor about the current economy and unemployment:
2014: The year Moody’s Economy.com predicts the unemployment rate will finally dip toward 5 percent, considered to be the “normal” level.
7.4 million: The number of jobs lost since the recession started.
24.9 weeks: The average duration that unemployed workers are out of a job, the highest level since the Department of Labor started tracking the figure in 1948.
4.98 million: The number of people unemployed longer than 27 weeks, also the highest level since World War II, although the growth in the size of the labor market over time contributes to that.
9 million: The number of workers forced to take part-time jobs who would rather work more hours.
25.5 percent: The unemployment rate among teenagers, the highest level on record since 1948, breaking the previous high of 24.1 set in 1982.
10.1 percent: The unemployment rate for men over age 20.
7.6 percent: The unemployment rate for women over age 20.
8.9 percent: The unemployment rate for white workers over 16 years old, short of the record 9.7 percent from 1982.
15.1 percent: The unemployment rate for black workers over 16 years old, far short of the record 21.2 percent from 1983.
13 percent: The unemployment rate for Latino workers over 16 years old, short of the record 15.7 hit in 1982.
1.4 million: The number of construction jobs lost since December 2007 as the housing crisis intensified.
65,000: The number of construction jobs lost in August, mostly in nonresidential and heavy construction.
537,000: The number of financial sector jobs lost since the recession began, including 28,000 shed in August.
829,000: The number of retail jobs lost since the recession started and consumers pulled back spending, including 10,000 lost in August.
544,000: The net increase in health care jobs since the recession began, with 28,000 being added in August.
2.6 percent: The rise in average hourly earnings over the last year, with a boost of 6 cents in August bringing the average to $18.65.
0.8 percent: The smaller increase in overall weekly earnings over the last year, which was held back by workers getting fewer hours.
Unemployment rate increases to 10.2%
The Job Market is Quite Tough.
Tags: population increase, consumers, unemployed workers
Dan from FreeStuff | Tue, Sep 08 2009
Job recovery could happen sooner if Washington would realize that lowering taxes and regulation on small business would create jobs. Small business is where most of the jobs will be created and yet they keep pumping all of our money at big business. Gee, I wonder who does all of the contributing to election funds of the politicians.
Chris McClelland | Thu, Sep 10 2009
Lol, hey you have to keep you’re supporters(Top 1%) happy now don’t you.
Actually some support has come to small businesses with increased credit available for lending. However the SBA’s terms can make you scratch your head in some ways.
I had friend try to get a loan from them to purchase another one of my friend’s businesses I acted as the middleman to fund the money down part. Needless to say all three of us where kind of set back when they wanted 110% collateral, and the APR was 12%.