HOLD ON TO YOUR JOB! EMPLOYER’S CUT 23,000 JOBS IN JULY. MORE JOB CUTS TO COME
Written by Michael Thervil
[EMPLOYER’S CUT 23,000 JOBS JULY] With the current unemployment numbers increasing due to employer layoffs and firings despite the Trump Administration's projected 83,000 jobs being added to the job market last month. It has left many Americans struggling with covering rent and mortgage payments, but it has also left Americans wondering how they are going to afford groceries and other essential day-to-day items. It was reported by the Bureau of Labor Statistics that the American workforce lost an estimated 25,000 jobs for the month of July. What seems to be fueling the decline in the job market is the fact that many Americans have simply given up on seeking any kind of employment (4.1%).
The trend of unemployment has hit every demographic in the American workforce detrimentally affecting those with “Less Than A High School Diploma” the most. The BLS reported that Americans that were 25 and over who fell into the “Less Than A High School Diploma" stood at an unemployment rate of 5.6% the highest of any group in this statistical analysis. Following with an unemployment rate of 4.0% were Americans that fell into the “High School Graduate, No College” category. Americans with “Some College or Associate's Degree” stood at 3.6% unemployment rate in comparison to Americans with a "Bachelor's Degree or Higher” had the lowest unemployment rate of 2.7%.
The biggest reason for people falling into the unemployment crisis is due to "People Who Completed Temporary Jobs”. While it appears that an over reliance on outsourcing combined with there simply not being enough employers hiring full time employee's, the current trend of joblessness is predicted to continue well into the later parts of the year. It should be noted that when it comes to who is participating in the labor force the biggest demographic of people that are falling to either enter the job market or find employment at all are youth between the ages of 16-19. It has been recorded for the month of July that 34.9% of American youth either aren't willing to or have failed to secure any type of employment despite the $2,400 Federal Tax Credit that will be given to employers if they hire someone within the demographic for at least one year. The largest demographic that appears to be doing well when it comes to participating in the labor force are “Men, 20 Years And Older” (700.2%) and “Hispanic or Latino” who stands at 66.4%.
When it came to “Employment Levels By Industry, Seasonally Adjusted”, the biggest growth was seen in the jobs that were “Non-Farming” with an estimated 158,861 Americans that fell into that sector. In comparison the total number of "Private Jobs” stood at 135,588 with the highest employment levels being seen in the “Private Education And Health Services” sector (27,962/+22,000). Looking at which jobs paid the most in terms of employee wages, it was the “Utilities” which paid an average hourly wage of $56.34. The lowest employee wages were found in "Leisure And Hospitality" in which the BLS reported an average hourly wage of $23.63.
OUR POSITION AT VEDA WORLD NEWS
Although wages appeared to slightly increase to 3.2%, it has kept up with inflation which has increased to 35%. If you have a job keep it, now is not the time to go seeking another job just because you and your boss don't see eye to eye or because you feel as if your not making the kind of income you believe you deserve; unless an employer offers you a job that is better and pays more than the current job that you have. For those that are unemployed and are in the job market, we would suggest to continue to keep looking and take the first job that comes your way. If a better job opportunity comes along , seize the opportunity if it's to your liking in terms of hours and wages.
For Americans in the current state of the job market, now isn't the time to be picky, now is the time to make do with what you can get until the state of the job market changes in a more positive direction.
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