May 7, 2011

Latest economic report shows increase in number of available jobs while unemployment still grows

It looks as if the American economy just might be on the mend. Although there's still no guarantee our financial health fully recovered, the latest economic report from the Bureau of Labor Statistics shows the number of available jobs in the US has risen by 244,000. Both private and public sectors are seeing an uptick in the need for more labor.

Meanwhile, the same government report shows unemployment edging the rest of the way to a full 9 percent, which seems to contradict an increase in jobs. Unemployment figures are derived from applications for unemployment applications, not necessarily all of those not working.

That apparent contradiction is also due to an illusion created by available figures not being in “real time,” or instantly available, as they occur. What we Americans hear reported are numbers from at least a month or two. Also, according to the Bureau of Labor and Statistics, not every household in America is sampled in the calculation of unemployment figures for any given month. The same economic report can say unemployment is up, and job growth is being seen at the same.

In short, even though unemployment figures might sound bad, the numbers aren't exactly a clear picture of what's actually happening at any given time in the jobs market. Companies can be hiring, even though unemployment seems to be growing, because the reports aren't an accurate picture in the first place.
Patriot Depot

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