Remember meForgot password?
    Log in with Twitter

article imageU.S. job market grows by 7.6 million, overall growth continues

By Jenna Cyprus     Nov 4, 2013 in Business
The U.S. unemployment rate is steadily going down, research shows. In September, private sector employment added 126,000 nonfarm payroll jobs. What does this mean for Americans and the U.S. economy?
A recent Bureau of Labor report published on the White House's official blog and reported on several online news sources offered an overall look into the current status of the U.S. job market in September 2013. The White House blog covered five key points from the September report.
These included an increase in private sector employment, the effects of the government shutdown in the beginning of October, and the current unemployment rate for women across the nation.
Private sector employment
The Bureau of Labor statistics reported that over the past 3.5 years, private sector employment has risen fairly consistently. This sector has added 7.6 million jobs.
Even though private sector job growth was down in July, these increases in August and September have led third-quarter increases of an average of 129,000 per month.
Weekly employment
The negative weekly employment statistics were directly correlated to the government shutdown, which occurred at the beginning of October. Before the shutdown, unemployment insurance claims had fallen to 305,000, which is the lowest since May 2007.
However, claims in the beginning of October due to the government shutdown have skewed weekly employment and unemployment insurance results.
Local government education jobs
New local government educational jobs rose by 9,500 and September, which added to a total of 56,400 over the last three-month period. However, the White House asserts that although this represented a steady increase, pre-economic-crisis level highs of almost 300,000 jobs (the peak in July 2008) is still a long way from 56,400.
There's a need for more educational jobs in local governments across the country, in order to lessen the teacher and education jobs. A growing student population has forced the White House to focus on proposals that will boost teacher hiring and create more jobs for local government workers that support educational programs.
These types of positions play a crucial role in local communities.
Women's unemployment rates
The unemployment rate for women declined to 6.7% in September, which is the lowest it's been since December 2008. However, this rate is still higher than it was before the economic crisis. The unemployment rate for women reached a peak around July 2011, of almost 9 percent. The men's unemployment rate currently sits at just under 8 percent, from a high in the fall of 2009 of more than 11 percent. The White House asserts that this pattern is fairly typical of recent recessions in U.S. history.
New jobs in the economy
Employers have been adding jobs at a rate of more than 2 million per year. As of the end of September 2013, employment involving non-farm payrolls had risen by 2.2 million. While average monthly figures varied wildly, this 2 million per year average indicates somewhat steady growth.
When adjusted household employment is added to the total non-farm payroll numbers, household employment has increased by 1.9 million in the last 12 months, as of September 2013.
What does this mean for employers and human resource departments?
For many employers, these increases may give them the certainty they were looking for to ramp up their own hiring efforts and even increase their projected numbers.
For human resources departments that are struggling to keep up with the demand for more workers to fill the jobs that are needed, they should look to streamline their hiring and employee management responsibilities with HR management software.
They can also open communication with upper management, and achieve good insights into their own industry and the job market as a whole.
More about Jobs, Employment, employment rates, US employment
More news from
Latest News
Top News