U.S. Economy Added Record Low Jobs In Nov and there seems to be none solution so far under Biden Administration.
Highlight-.
- Only 210,000 jobs injected in the U.S. market in the month of November, far cry from predicted half a million.
- The Bureau of Labor Statistics figures depicted types of unemployed forces, reflecting on varying needs.
- The Great Resignation to continue for long time due to acute change in lifestyle of workforce.
- Global supply chain crisis to be blamed but not fully.
The U.S. economy had disappointing employment figures to reflect on November’s performance report. The Bureau of Labor Statistics on Friday revealed that only 210,000 jobs were added last month in American market, a far cry from the predicted 550,000 by the economists.
While the figures reflect on a multitude of interpretations, the most stark conclusion to be drawn here is- American workers are not getting what they want from economy.
A day earlier, President Biden stated that the U.S. economy is “in strong shape”. However, the employment report for the month has a lot for authorities to think about.
“The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was essentially unchanged over the month at 450,000,” the bureau added.
American workers are unable to find the jobs that suit them
More than 12 million people in the country are either long-term unemployed, are looking for work or are employed in part time profession. Let’s break down this figure to understand the scenario better.
Out of 12 million unemployed workforce in November, the major portion was of 7.4 million Americans. This is the group that is officially unemployed by government’s definition- actively looking for job and without any source of earning.
Out of these 7.4 million people, 2.2. million are unemployed for at least 27 weeks now. The figure reflects that the employable population is struggling to find work for months.
The second major group after “officially unemployed” group is the “employed part time” group. This makes up for 4.3 million Americans. Reasons for not working a full time job for this group is mostly prioritizing flexibility of working hours or inability to find a full time job.
The remaining 5.9 million Americans are the ones who would work if they find a suitable job but are not actively looking.
If you add this number and look at them together, these are the 12.4 million Americans who are not satisfied with what the U.S. economy has to offer them. The number is strikingly high and the conclusion reflects concern for the labor market.
Americans are either not finding the right job or their standards have changed
The Great Resignation is increasingly becoming highlight of the decade of the global economy. Labor force is quitting from work at a record pace but what is more revolutionary is- there are no regrets.
In a survey conducted by Indeed, one of the respondent said, “Life is too short to stay in a job they weren’t passionate about.”
But what makes the situation a cause of concern for the authorities is that labor shortage will stick around for a good amount of time. COVID-19 pandemic is not over and outbreak of Omicron variant has certified that. The fear of potential lockdown is still looming and if anything, the result would upsurge in daycare workers dropping out.
According to Daniel Zhao, “Labor shortages aren’t going away anytime soon because the pandemic is still going on.”
The post 12 Million+ Americans Are Out Of Work And The Problem Runs Much Deeper appeared first on DKODING.
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