Recent jobs data from the Department of Labor reported that US employers added solid 161,000 jobs in October and the unemployment rate fell to 4.9 percent. With the focus being on the overall Unemployment rate we often neglect to remember that unemployment effects some states and local economies more than others. Also, it’s important to point out that while we discuss Unemployment as a national issue the Unemployment programs vary by state and it’s the states that determine minimum and maximum benefits, the number of weeks and so forth.
As election season draws to an end, the American economy is cruising right along despite some charged campaign rhetoric. It will be interesting to see how the candidates put their opposing spins on this report during the next debate. Analysts also think the outcome of the debate will inform the market reaction to these numbers. 156,000 jobs were added in September while unemployment is also up slightly to 5%. The labor force growth this represents is a good sign of continued economic recovery.
A broader measure of unemployment that includes those who have stopped looking for jobs as well as those working part-time for economic reasons was unchanged at 9.7 percent.
The number of workers considered not in the labor force fell by 207,000 to 94.2 million, the number in the labor population surged by 444,000 and the level of the employed jumped by 354,000, according to the household survey. The employment-to-population ratio rose to 59.8 percent, a half-percentage point gain from a year ago.
“Job growth in August was respectable though not spectacular,” says Harry Holzer, a Georgetown University professor, and former chief economist at the U.S. Labor Department.
Total nonfarm payroll employment increased by 151,000 in August, and the unemployment rate remained at 4.9 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in several service-providing industries.
Recruitment, retention, engagement, internal communications, payroll and conflict resolution – as a human resources manager your plate isn’t just full, it’s overflowing. With so many responsibilities, it can be difficult to keep your head above water let alone get in front of the challenges of an evolving industry.
Many business expenses are out of your control, but unemployment insurance isn’t one of them. You have the power to control these costs and doing so is a critical part of ensuring your company’s financial well-being.
Overpaid unemployment benefits total more than $14 billion. Many businesses pay more than they need to for unemployment insurance and often don’t even realize it.