You're reading the title and say to yourself,"How could this be?" Labor Department says that in the month of July, the national unemployment rate has inched up to 8.3%.The economy added about 163,00 new jobs last month, the most in 5 months this year.
Though there are more jobs, the problem is that no industry is showing encouraging growth. No industry is strong.
Last Month's Industries Figures :
Professional & Business - 49,000
Education & Health - 38,000
Leisure & Hospitality - 27,000
Manufacturing (Solid growth) - 25,000
Even though those industries job availability had been increasing, government & construction reported losing 9,000 and 1,000 jobs.
Only reason construction was declining because of the rescission and in result no one was building more houses or home improvements and home value & sales were in decline. Even in the past couple months and within the next year, housing has and will be improving, but not only will that increase more construction jobs it'll also help the economy to give it what it need to start adding more jobs constantly to bring the unemployment rate down.
Pretty soon the "Bush-era," tax cuts will be expired and if Congress doesn't act fast, there's going to be mandated spending cuts.To me that seems to be very unfair due to the fact that employers aren't doing more. Now about 12.8 Americans are unemployed.
Question to You :
1. With the economy like this which industry would you put yourself in? What about in the next 5 years?
2. What would your advice to employers be?
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