Job creation: 2013 ends with a whimper, and not a bang
By Catholic Online (NEWS CONSORTIUM)
1/10/2014 (3 years ago)
Catholic Online (www.catholic.org)
Christmas brought little joy - and New Year's brought little hope for the nation's unemployed. Hiring declined in December. The U.S. economy added only 74,000 jobs, the weakest month for job growth since January of 2011. Economists had expected an addition of 193,000 jobs.
Many Americans have given up on ever finding gainful employment.
LOS ANGELES, CA (Catholic Online) The disappointment was thick and palatable. For all of 2013, the economy added 2.2 million jobs, which was on par with 2012's gains.
Some economists are holding out hope. They expect the government to revise the numbers higher in the months ahead. "Just about every other measure of job growth suggests that employers are either hiring or intending to hire, extending hours and laying off fewer people," Tim Hopper, chief economist for TIAA-CREF says.
Job creation may have been affected by the unusually cold weather. "Unusually cold weather in parts of the country" could have had some impact on construction jobs for example, which lost overall 16,000 jobs in December.
The unemployment rate fell to 6.7 percent in December, but event hen, that decline came mainly from workers leaving the labor force.
Other factors such as retirement, enrolling in educational programs or taking care of relatives may have played into these statistics.
There are still many more people who have simply given up on ever finding a job. Only 62.8 percent of the adult population is participating in the labor market now, the lowest levels since 1978.
In the job market's 2007 heyday, unemployment was under five percent, but in the two years that followed, the recession wiped out 8.7 million jobs. Not all of those jobs have returned in the interim.
"We're going to have a long-term unemployment crisis for a long time," Heidi Shierholz, economist with the Economic Policy Institute says.
The winter is due to become much colder for 1.3 million Americans who received their final check in federal unemployment benefits last week.
The haggling over budget cuts versus aid to the still fragile economy exemplifies the ongoing tension between Washington policymakers.
Shierholz calculates it could take even longer to get to a pre-recession job market, when unemployment was below five percent. "Even if we did have 200,000 jobs a month, we would need five years to get there," she said.
Copyright 2017 - Distributed by THE CALIFORNIA NETWORK
Pope Francis Prayer Intentions for SEPTEMBER 2017
Parishes. That our parishes, animated by a missionary spirit, may be places where faith is communicated and charity is seen.
Is now the time to sell on Wall Street? Stocks are on a bubble, according to multiple analysis and expert opinions. Fundamental market ... continue reading
The economy is about to go into recession according to several Wall Street firms. They are warning investors to prepare for an end to the ... continue reading
Get ready for self checkout everywhere: 3.5 million retail cashiers are about to be replaced by automation Watch
Automation is coming soon to a store near you as retailers look for ways to cut costs and improve profits. The best way to accomplish this ... continue reading
The highly relevant quote, "Budgets are moral documents," has been arguably attributed to Rev. Martin Luther King, Jr. But if he didn't ... continue reading
A group of central bankers has warned that a great recession, possibly larger than the 2007-2008 recession is looming on a global scale. ... continue reading
by Catholic Online
- Daily Readings for Friday, September 22, 2017
- Daily Reading for Sunday, September 24th, 2017 HD Video
- Are angels real? Woman snaps remarkable photo she says in an angel in ...
- Hurricane Maria: The worst disaster for Puerto Rico HD Video
- St. Thomas of Villanueva: Saint of the Day for Friday, September 22, 2017
- At UN, the Vatican asks all nations to help in fight against human ...
- With so many earthquakes, is California next?
- Daily Reading for Saturday, September 23rd, 2017 HD
- Terrifying earthquake collapses buildings in Mexico City, hundreds dead HD
- Daily Reading for Friday, September 22nd, 2017 HD
- Officials warn, 'evacuate or die' as Maria churns towards Puerto Rico HD