Tim McMahon, Editor of UnemploymentData.com

My grandfather lived through the Hyperinflation in Weimar, Germany--to say he was an original “gold bug” would be an understatement. I began reading his “hard money” newsletters at the age of 16 and the dividends from gold stocks helped put me through college. I began publishing the Financial Trend Forecaster paper newsletter in 1995 upon the death of James Moore editor of Your Window into the Future and the creator of the Moore Inflation Predictor©. FTF specializes in trends in the stock market, gold, inflation and bonds. In January of 2003, I began publishing InflationData.com to specialize in all forms of information about the nature of Inflation. In 2009, we added Elliott Wave University to help teach you the principles of Elliott Wave analysis. In January 2013, we began publishing OptioMoney. Connect with Tim on Google+.

Things to Consider When Opening Your Restaurant

February 17, 2021 by Tim McMahon

Starting a restaurant is a dream come true for many people. However, it’s expensive to make that dream a reality, and “common wisdom” says that it is one of the least likely to succeed. So-called, “experts” often claim that as many as 90% of new restaurants fail in the first year. But RestaurantOwner.com thinks that the common wisdom is wrong. They say the actual number of failures in the first year is closer to 26% and about 19 percent failed in the second year and 14 percent in the third year. Other sources say only 17% of restaurants fail in their first year. Much depends on which year. Some years like 2009 had a much higher failure rate than others.

This is actually close to the average of all businesses with more than 20% of all new businesses failing in their first year. According to the Bureau of Labor Statistics (BLS) for businesses that started in 2019, 78.1% were still in existence a year later for a failure rate of 21.9%. On the other hand, information companies had the highest failure rate at 63% failing in their first year.

To put yourself and your business in the best financial position possible, you should look for ways to save money when you’re first opening. Naturally, you can’t skimp on food quality, so you have to find other places to cut costs. Here are some things to keep in mind when opening a restaurant.

Labor

One of your biggest expenses will be [Read more…] about Things to Consider When Opening Your Restaurant

Unemployment Goes From Extraordinarily Bad to “Only” Normally Bad

February 6, 2021 by Tim McMahon

Highlights from the Bureau of Labor Statistics (BLS) employment / unemployment report for January released on February 5^th.

Unadjusted U-3 was Up from 6.5% to 6.8%
Adjusted U-3 was Down from 6.7% to 6.3%
Unadjusted U-6 was Up from 11.6% to 12.0%
Labor Force Participation was Down from 61.5% to 61.4%
Unadjusted Employment Down from 143.700 million to 140.927 million

According to the Commissioner of the U.S. Bureau of Labor Statistics:

“The unemployment rate fell by 0.4 percentage point to 6.3 percent in January, and nonfarm payroll employment changed little (+49,000). The labor market continued to be impacted by the coronavirus (COVID-19) pandemic and efforts to contain it. Notable job gains in professional and business services and in both public and private education were offset by losses in leisure and hospitality, in retail trade, in health care, and in transportation and warehousing.”

Of course, they are talking about “Seasonally Adjusted Jobs” from the “Current Population Survey (CPS)” rather than looking at the results reported by actual companies in their “Current Employment Statistics survey (CES)”

But looking at the CES report we see…
Originally the BLS reported 143.777 million jobs for December, this month they adjusted that slightly.
So currently they are saying 143.700 million jobs for December and 140.927 million for January.
which is actually a decrease of 2,850,000 jobs based on their original estimates.

Unadjusted Employment Down Slightly in December

January 9, 2021 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for December on January 8^th.

Unadjusted U-3 was Up from 6.4% to 6.5%
Adjusted U-3 was unchanged at 6.7%
Unadjusted U-6 was unchanged at 11.6%
Labor Force Participation was unchanged at 61.5%
Unadjusted Employment Down from 144.105 million to 143.777 million

According to the Commissioner of the U.S. Bureau of Labor Statistics:

“Nonfarm payroll employment declined by 140,000 in December, and the unemployment rate was unchanged at 6.7 percent. The decline in payroll employment reflects the recent rise in the number of coronavirus (COVID-19) cases and increased efforts to contain the pandemic. In December, job losses in leisure and hospitality and in private education were partially offset by gains elsewhere, particularly in professional and business services, retail trade, and construction.“

Looking at the CES report we see…
Originally the BLS reported 144.005 million jobs for November, this month they adjusted that to 144.105 million.
So currently they are saying 143.777 million jobs for December and 144.105 million for November.
which is actually a decrease of 228,000 jobs based on their original estimates.

How to Get a Job with No Experience

December 24, 2020 by Tim McMahon

Finding a job without experience is a common “Catch 22” or “no-win” type problem. But in real life, you don’t need to despair because everyone has been in this same situation early in their career and obviously many have succeeded despite this handicap. So all that remains is to discover how they did it and follow their example.

This is such a common problem that this question appears in many forms on Quora:

Be Reliable and Seek Apprenticeships

Martin Gainty says: That he runs a remodeling business and hires part-day-laborers all the time. “If the person does what they say they will do and manage to be sober and on-time” he would be happy to give them a reference to the local master-contractors “who are ALWAYS looking for apprentices”. He says electrical and plumbing apprentices are in high demand.

So the first tip is to be reliable and seek a job as an apprentice which will give you the experience you need.

Get in on the Ground Floor

Jobs That Are Readily Available If You Need One Quickly

December 15, 2020 by Tim McMahon

Finding a job can be quite a hassle since many people have exceptional talents in the market. The good news is that if you have unique skills, you can easily land a job. Here are some jobs that you can get with sheer simplicity.

Customer Service

If you are good at connecting with people, you can work at customer care service. This way, you can help customers solve the problems that they have. The good news is that the payment is per hourly rate, and it’s appealing. Plus, you can work remotely from home without spending bus fare.

Driver

Driver jobs in companies are [Read more…] about Jobs That Are Readily Available If You Need One Quickly

Employment Increased by 1/2 Million in November

December 5, 2020 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for November on December 4^th.

Unadjusted U-3 was Down from 6.6% to 6.4%
Adjusted U-3 was Down from 6.9% to 6.7%
Unadjusted U-6 was unchanged at 11.6%
Labor Force Participation fell from 61.7% to 61.5%
Unadjusted Employment up from 143.488 million to 144.005 million

According to the Commissioner of the U.S. Bureau of Labor Statistics:

“Nonfarm payroll employment increased by 245,000 in November, and the unemployment rate edged down to 6.7 percent. These improvements reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID- 19) pandemic and efforts to contain it. However, the pace of improvement in the labor market has moderated in recent months.”

But looking at the CES report we see…
Originally the BLS reported 143.459 million jobs for October, this month they only adjusted that slightly.
So currently they are saying 143.488 million jobs for October and 144.005 million for November.
which is actually an increase of 546,000 jobs based on their original estimates.

6 Ways You Can Reset Your Career

December 1, 2020 by Tim McMahon

The 2020 coronavirus pandemic has had a huge impact on people all over the globe, not least in terms of how business is done. You might, for instance, have had to adjust to working from home and been surprised at how efficiently you can achieve your daily tasks; or, less positively, you might have lost your job. If 2020 has had you seriously considering where to go next in your career, you may be feeling stuck in a rut with no way out. To help you out a bit and give you a few ideas, here are six ways you can reset your career.

1. Go For a Promotion

You might be finding that, although you enjoy your job and are comfortable in carrying it out, it is nevertheless no longer challenging you as much as it used to, perhaps even to the point of boring you. This might be a sign that your current job has become too easy for you, in which case you might like to consider going for a promotion. There are, however, several things you should consider before going for promotion. For instance, you could arrange an appointment to speak to a person in that role to learn more about what exactly their position entails and what qualities recruiters are looking for. They might even be able to point you in the direction of any further training that is required for the role.

2. Pursue Further Training For Career Development

Continuous learning throughout your life is [Read more…] about 6 Ways You Can Reset Your Career

A Guide to Avoiding Unemployment After High School

November 20, 2020 by Tim McMahon

College is the default option for many after graduation, but college isn’t right for everyone. Many students who leave high school believe that they are unable to further their education because they can’t afford the hefty student loan that goes hand-in-hand with the college experience. But there are alternatives to student loans including Community colleges, trade schools, and night classes that allow you to “pay-as-you-go” i.e. while you are working a regular job. Some employers will even help out with the cost of additional education if it will make you a better employee.

Another possibility to consider is looking to secure a scholarship. If you excel at a particular subject or sport, you may be able to gain a free education, and it is easy to apply for many of these opportunities. For instance, at ASM Scholarships, their college wrestling scholarship will allow you to combine both academic studies with your talent for sports to enable you to secure a bright future and to gain the education that employers are looking for.

Use Your Family Connections

Although you might feel like [Read more…] about A Guide to Avoiding Unemployment After High School

How to Improve Your Job Hunt

November 13, 2020 by Tim McMahon

Being out of work for an extended period can be difficult. Without a job to keep you occupied, your routine can start to come undone, leading to feelings of worthlessness. Added to that is the exhausting ordeal of job hunting, which for obvious reasons can take up the majority of your time.

Spending a long period of time searching for the right position can easily get the better of people as constant rejection may get you down and demotivate you. Despite that, a period of job hunting doesn’t have to be that bad, as there are steps and measures you can take to not only improve your chances of finding employment but also make the process a lot easier. Here are some things to help make job hunting that little bit easier.

Don’t Rush

Once they find themselves out of work, many people get panicked by the prospect of no income and end up rushing into applications and applying for as many different roles as they can. This scattergun approach isn’t the best way to go about things and can in fact contribute to a lack of success.

It’s vital to take your time when searching and applying for jobs and to really engage with the job description. You first want to evaluate if your experience and skills match the job, and then decide if the role is something you actually want to do. Being more measured and only applying to roles that suit you well will make you far more composed and will also give you more time to create a cracking application.

Denied Workers’ Comp: How to Get the Money You Deserve

November 13, 2020 by Tim McMahon

Being injured at your place of work can be a terrifying and painful experience. Even worse for many is that it could prevent your ability to continue working to support your family. It is widely understood that workers’ compensation exists to pay injured workers for lost wages and medical bills due to workplace injury. In many cases, it also prevents workers from suing their employers directly.

However, what happens when workers’ compensation fails to pay what you are owed? Here’s what you should do when you have been denied by workers’ comp.

Determine Why It Was Denied

In most cases, why you were denied workers’ compensation income should be explained in the denial letter. Finding out the reason why is important because the decision may have been made in error. In certain cases, your employer may have actually lied. For example, your employer may say your injury was the result of horseplay when that was not the case.

Collect and Retain Evidence

Disputing the claims made by a [Read more…] about Denied Workers’ Comp: How to Get the Money You Deserve