Current Outlook on the Employment Situation

With the current unemployment rate hovering at 9.1 percent, according to the U.S. Bureau of Labor Statistics’ August jobs report, the employment situation remains at a standstill with many employers uncertain about the economic situation and hiring overall. This month’s jobs report shows that many sectors of the labor market continue to show decline, such as Government, while others including Healthcare, show slight gains.Today 14 million people still remain unemployed and diversity groups, such as Blacks (16.7 percent) and Hispanics (11.3) percent have higher unemployment rates. Teenagers (25.4 percent) still show extremely high unemployment, while Asians (7.1 percent) have the lowest rates. Of the unemployed, 42.9 percent are considered long-term (27 weeks or over), according to the Bureau. And part-time employment also rose to 8.8 million (from 8.4) in August, with in the labor marketing working part-time due to cuts in hours or their inability to find full-time employment. Below are the different sectors of employment, as reported by the Bureau for the month of August:

  • Health care employment rose by 30,000, with growth of 306,000 jobs in the past 12 months.
  • The Mining industry added 6,000 jobs in August. The sector has added 144,000 jobs since October 2009.
  • Professional and business services, computer systems design and related services added 8,000 jobs.
  • Information industry jobs saw a decline of 48,000 in August (45,000 telecommunications workers were on strike and off company payrolls)
  • Manufacturing was unchanged in August (-3,000), even though past months have seen job gains on average of 14,000 jobs per month.
  • Construction; trade, transportation, and utilities; financial activities; and leisure and hospitality showed no change month over month.
  • Government employment continues a downward trend, eliminating 17,000 jobs in August.
  • Local government also saw a decline.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s