According to reports by Bloomberg Personal Finance, the projected payrolls in the U.S. rose less than were to be expected. The unemployment rate declined to 6.6 percent, which is the lowest level drop since October 2008. It has been reported that this is due to the amount of Americans entering the work force. The unemployment rate in January was 6.6 percent, compared with 6.7 percent in December. The Unemployment Rate in the United States is reported by the U.S. Bureau of Labor Statistics. Their report rebounds the frequencies and waves over the country as Americans wait to hear the aggregate results; ultimately the economic recovery has lost momentum in recent months, sapping consumer confidence and crimping job creation.
The New York Times reported that the government at all levels eliminated 29,000 jobs.; all levels of government reduced employment. One more factor that continued to be an issue recently was the cold weather which likely held back hiring in December. Private employers are said to have added 142,000 positions to their payrolls in January. Also in January; construction companies added on 48,000 workers; this comes however after reducing employment by 22,000 a month.
New York-based chief economist for North America at BNP Paribas and a former Federal economist, Julia Coronado, stated that, “It’s another disappointment, but it’s not anything disastrous.”
the Washington Post reports that more than six in 10 workers are worried that they will lose their jobs in this economy, according to a survey by the Washington Post-Miller Center poll,
Another report that was commissioned by the aerospace industry back in 2012 stated that federal budget cuts, which took effect in January, could cost the country’s economy more than 2 million jobs and raise the national unemployment rate by 1.5 percentage points over the next year, according to Stephen S. Fuller the George Mason University professor who wrote the report.
The emerging market economies are now experiencing a more rapid economic growth, such as China and India. Japan’s economy is finally perking up after two decades of stagnation. If you would like more information about employment opportunities with George Mason University click here.
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