Job Growth Projections 20162026
The U.S. Bureau of Labor Statistics reported on October 24, 2017 its projections of job growth by industry and job type over the 20162026 period. Healthcare was the industry expected to add the most jobs, driven by demand from an aging population. The top three occupations were: personal care aides with 754,000 jobs added or a 37% increase home health aids with 425,600 or 47% and software developers at 253,400 or 30.5%.
BLS also reported that: “About 9 out of 10 new jobs are projected to be added in the service-providing sector from 2016 to 2026, resulting in more than 10.5 million new jobs, or 0.8 percent annual growth. The goods-producing sector is expected to increase by 219,000 jobs, growing at a rate of 0.1 percent per year over the projections decade.” BLS predicted that manufacturing jobs would decline by over 700,000 over that period.
Employment Policies And The Minimum Wage
Advocates of raising the minimum wage assert this would provide households with more money to spend, while opponents recognize the impact this has on businesses’, especially small businesses’, ability to pay additional workers. Critics argue raising employment costs deters hiring. During 2009, the minimum wage was $7.25 per hour, or $15,000 per year, below poverty level for some families. The New York Times editorial board wrote in August 2013: “As measured by the federal minimum wage, currently $7.25 an hour, low-paid work in America is lower paid today than at any time in modern memory. If the minimum wage had kept pace with inflation or average wages over the past nearly 50 years, it would be about $10 an hour if it had kept pace with the growth in average labor productivity, it would be about $17 an hour.”
The Economist wrote in December 2013: “A minimum wage, providing it is not set too high, could thus boost pay with no ill effects on jobs…America’s federal minimum wage, at 38% of median income, is one of the rich world’s lowest. Some studies find no harm to employment from federal or state minimum wages, others see a small one, but none finds any serious damage.”
The U.S. minimum wage was last raised to $7.25 per hour in July 2009. As of December 2013, there were 21 states with minimum wages above the Federal minimum, with the State of Washington the highest at $9.32. Ten states index their minimum wage to inflation.
Difference Between The Unemployment And Jobs Reports
The unemployment rate and figures from the jobs report don’t always tell the same story because they are taken from two different surveys.
The unemployment rate is taken from the household survey of individuals. It describes who is employed and who isn’t based on their responses.
The number of jobs added is taken from the establishment report, more commonly called the nonfarm payroll report. This survey of businesses describes how many jobs were created or lost by industry.
Since these reports are taken from completely different sources, the number of unemployed doesn’t match the number of jobs lost. Those discrepancies are expected, and the estimates are revised each month as more data comes in.
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The Unemployment Figures In Detail
The total number of unemployed is 8.4 million, lower than July’s 8.7 million. The number of long-term unemployed dropped to 3.2 million. A smaller number, 2.1 million, lost jobs within the last five weeks. This number declined by 174,000 from July’s 2.3 million.
The real unemployment rate was 8.8% in August, 0.4 percentage points lower than in July. This alternate measure of unemployment, known as U-6, gives a broader definition of unemployment. It includes people who would like a job but haven’t looked for one in the past month. It also includes those who are underemployed and marginally attached.
The real unemployment rate contains 392,000 discouraged workers, down from 507,000 in July and 617,000 in June. Discouraged workers are people who have given up looking for work but would take a job if offered. They are not counted in the unemployment rate because they haven’t looked for a job in the past four weeks.
The labor force participation rate was 61.7%there was no change from July. The labor force doesn’t include those who haven’t looked for a job in the past month. Some would like a job, but others dropped out of the labor force for different reasons. They may have retired, gone back to school, or had a baby.
What Are The Other Measures Of Us Unemployment
In response to criticisms that the official rate paints an unjustifiably rosy picture of the health of the labor market, the BLS publishes five alternative measures: U-1, U-2, U-4, U-5, and U-6. Though these are often referred to as unemployment rates , U-3 is the official and the most commonly cited national unemployment rate. The others are characterized as measures of “labor underutilization.”
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A0: Summary Of Employment Unemployment And Economic Inactivity For People Below State Pension Age
Labour market summary for people below state pension age. Estimates in this table follow the incremental increase in the female state pension age each quarter. These estimates are not the headline labour force survey estimates – they are shown at Tables A02 SA and A02 NSA. This table is updated four times a year in February, May, August and November. These estimates are sourced from the Labour Force Survey, a survey of households.
History Of Unemployment In Canada
Unemployment has risen on average since the mid-1960s, both in absolute numbers and as a percentage of the labour force . Annual average unemployment rates of 3 to 5 per cent were common before 1958 and from 1964 to 1969. From 1958 to 1963 and in the early 1970s, 5 to 7 per cent rates prevailed.
Over most of the post-1975 period, employment also grew, but the labour force grew even more rapidly so that the number and fraction that were unemployed rose. During the recession of the early 1980s , the unemployment rate jumped. In August 1981, employment declined, as did labour-force participation and the fraction of the working-age population that was employed . The unemployment rate rose steadily over the period to December 1982, reaching 13.1 per cent. This is thought to be the highest rate of unemployment since the Great Depression, when the unemployment rate peaked at 19.3 per cent. The unemployment rate was gradually reduced to about 7 per cent in the late 1980s, but rose sharply again during the recession of the early 1990s, peaking at 12.1 per cent in November 1992.
After the recession of the early 1990s , employment recovered slowly, and, as a result, a drop in the unemployment rate was delayed until 1994. Strong employment growth from 1997 to 2000 brought the unemployment rate down to 6.8 per cent in January 1999. Unemployment spiked again briefly in the early 2000s, before resuming its decline in September 2003.
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How Does The Furlough Scheme Keep Unemployment Down
Without the billions spent on schemes to protect jobs, and the rapid roll-out of vaccines, the unemployment rate would have been much higher. Last year it was feared that up to four million people would be unemployed.
Under the furlough scheme, the government has helped many businesses keep their staff on by helping to pay their wages.
The furlough scheme has protected more than 11 million jobs since the pandemic began, and four million workers were on furlough at the end of March. The scheme will continue until the end of September.
Unemployment In The United States
| This article is part of a series on the |
| This article is part of a series on the |
Unemployment in the United States discusses the causes and measures of U.S. unemployment and strategies for reducing it. Job creation and unemployment are affected by factors such as economic conditions, global competition, education, automation, and demographics. These factors can affect the number of workers, the duration of unemployment, and wage levels.
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How High Could Unemployment Go
Most economists expect the unemployment rate to rise a little later this year even though it is hoped more restrictions can be lifted.
That is because many government support schemes – such as furlough – are due to end after September.
The Bank of England expects the unemployment rate to reach around 5.5% in the autumn.
However, the number of unemployed is expected to fall next year as the economy continues to recover.
So How Many People Are Unemployed
All of these issues with the usual go-to data sources have led many economists to come up with their own estimates for how many people are unemployed.
Federal Reserve Chair Jerome H. Powell recently said he thinks the true unemployment rate was close to 10 percent in January, implying about 16 million workers are unemployed among the 160 million Americans in the labor force. He generates that figure by taking the Labor Departments count of the unemployed and then adding back people who were misclassified as employed but absent from work and people who dropped out of the labor force .
Economist Mary Daly, head of the San Francisco Fed, also dismissed the official unemployment data as too low in a tweet Wednesday. What is the real unemployment rate? Not 6.3%,” she wrote. How can we know? Look around. Millions of people on unemployment benefits. Lines at food banks. Countless workers out of the labor force taking care of families.
Coming up with an alternate estimate is tricky. Jason Furman, President Barack Obamas former chief economist, estimates the unemployment rate right now is probably 8.3 percent or about 13.3 million unemployed. He takes the official unemployed count and then adds back the people who were misclassified as absent from work and then about half the people who dropped out of the labor force .
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How Is The Us Unemployment Rate Calculated
verifiedBrian Duignan
In general, the unemployment rate in the United States is obtained by dividing the number of unemployed persons by the number of persons in the labor force and multiplying that figure by 100. There are, however, various ways of defining unemployed, each yielding a distinct unemployment rate. The standard unemployment rate, referred to as U-3, is the one most often cited. By that measure, a person is counted as unemployed if he or she does not have a full-time, part-time, or temporary job, is actively looking for a job, and is currently available to be hired. The category of unemployed persons also includes those who have been temporarily laid off. A person is understood to be actively looking for a job if he or she has tried to obtain one within the preceding four weeks. Persons who are only marginally attached to the labor marketthose who want and are available for a job and have actively looked for a job within the preceding 12 months but not within the preceding four weeksare considered neither employed nor unemployed and thus not part of the labor force. Also excluded are discouraged workers, a subset of the marginally attached who are not looking for a job specifically because they believe there are none for which they are qualified or because they have been victims of employment discrimination.
Find out more about the U.S. unemployment rate at:
You Probably Need More Friendsheres How To Make Them
A big challenge she faces is dealing with fighting off the debilitating feelings of depression, anxiety and fear of what will happen in the future. This is a common theme among the dozens of people with whom I spoke with for this piece.
Sandra Remorenkowas told by her boss via a phone call that her services were no longer required. There was no empathy or compassionjust a curt goodbye and good luck.
Remorenko was an executive assistant to the head of a high-end wealth management firm located in an exclusive suburb of Atlanta. Prior to that role, Remorenko was an executive assistant to a prominent CPA firm founder and CEO. She had also worked at a top-tier private bank.
Despite her credentials and sending out over 100 résumés and applications, cold calling companies and recruiters, she didnt get any responses. Remorenko said that she reached out to everyone she knew and even applied for entry-level positions. Her few interviews were cold and callous. One company demanded that she prepare something creative, like a video or sing a song. She was told in order to work at that hiring company, You have to be a magician. She complied with the outlandish request, but never heard back.
Remorenko is greatly concerned over her situation. Some days, she feels totally overwhelmed and finds it hard to sleep well, stating she cant turn off brain.
She notices a cognitive dissonance between what she’s been told to do and her new reality.
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Are There Signs Of The Job Market Getting Better
The ONS said that the latest figures show “early signs” of a recovery in the jobs market.
There was a rise in the number of vacancies, to the highest level since the pandemic began.
Some businesses, like restaurants and bars, now say they are struggling to find the workers they need to reopen.
The number of people being made redundant has also been falling, though it is still higher than it was before the pandemic began.
How Many Americans Are Underemployed
The official unemployment rate is considered to be a good indicator of where the economy stands, but theres still a lot that it wont tell you. Looking at the unemployment rate wont tell you how long people without jobs havent been able to find work, for instance. And it doesnt reveal anything about the number of people who are underemployed.
Underemployment is a fairly broad term that can help us understand who is currently satisfied with their level of employment and who isnt. Currently, different institutions have divergent methods of quantifying the underemployment rate.
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Why Don’t Companies Raise Wages
WHAT MATTERS: The counter-argument is that workers in less desirable jobs are underpaid. I’m no economist, but couldn’t companies just pay workers a higher wage to bring them into the work force?TAPPE: That’s actually already happening. The reopening has spurred demand from consumers and many companies have a hard time keeping up with demand so they’re raising wages to attract workers. Under Armour Wednesday announced it will bump its US minimum wage from $10 to $15 an hour to compete in this confusing labor market, which means a pay rise for 90% of the company’s store and warehouse staff. Amazon, Walmart, Costco, McDonald’s, Chipotle and others have also increased certain wages.Bank of America went a step further Tuesday and announced it would lift its minimum wage from $20 to $25 per hour.
Alternative Measures Of Unemployment
In response to concerns that the official rate does not fully convey the health of the labor market, the BLS publishes five alternative measures: U-1, U-2, U-4, U-5, and U-6. Though these are often referred to as unemployment rates , U-3 is technically the only unemployment rate. The others are measures of “labor underutilization.”
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Collection Of Unemployment Data
Official U.S. employment statistics are produced by the BLS, an agency within the Department of Labor. Every month the Census Bureau, part of the Department of Commerce, conducts the Current Population Survey using a sample of around 60,000 households, or around 110,000 individuals.
The survey collects data on individuals in these households by race, ethnicity, age, veteran status, and gender, all of whichalong with geographyadd nuance to the employment data. The sample is rotated so that 75% of the households are constant from month to month and 50% are from year to year. Interviews are conducted in person or by phone.
The survey excludes individuals under the age of 16 and those who are in the Armed Forces . People in correctional facilities, mental healthcare facilities, and other similar institutions are also excluded. Interviewers ask a series of questions that determine employment status, but do not ask whether respondents are employed or unemployed. Nor do the interviewers themselves assign employment status they record the answers for the BLS to analyze.
Interviewers also collect information on industry, occupation, average earnings, union membership, andfor the joblesswhether they quit or were discharged .
Employment Insurance And Minimum Wage
There is some evidence that the natural or average level of frictional unemployment increased in the 1960s and 1970s, not only because of demographic changes but also because of changes in social legislation. In particular, the major increases in the generosity of unemployment insurance in 1971 are said by some critics to have induced higher unemployment. However, there is little consensus on the effects of employment insurance on the unemployment rate.
Some economists have also pointed to higher minimum wages as leading to more difficulty for the relatively unskilled in obtaining both work and on-the-job training. Lack of on-the-job training can make things especially difficult for new entrants to the labour force, particularly the young. Youth unemployment rates have always been higher than the average and it is hardly surprising that initial and early job searches are often more extensive.
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Why There Are So Many Underemployed Workers
There are many reasons why workers cant find the jobs that they want or that theyre qualified to perform. Underemployment becomes an issue when the supply of certain jobs is lower than the demand for those positions. An economic downturn can also lead to underemployment. In a recession, for example, workers who lose their high-skilled, high-paying jobs may have to take up part-time jobs.
Technological advancements can also raise the underemployment rate. New technology and automation may eliminate the need for some workers. After theyre laid off, displaced workers may need to find low-paying jobs until they can acquire new skills. Technological change and offshore outsourcing are two reasons why the manufacturing industry has been in decline for decades.
