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+.

Latino Unemployment Lower than Asian Unemployment for First Time

September 5, 2020 by Tim McMahon

Employment Increased by 1.5 Million in August

Latino unemployment is lower than Asian unemployment for the first time since the BLS began tracking Asian unemployment separately.

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

Unadjusted U-3 was Down from 10.5% to 8.5%!
Adjusted U-3 was Down from 10.2% to 8.4%!
Unadjusted U-6 was Down from 16.8% to 14.3%!
Labor Force Participation rose from 61.4% to 61.7%.
Unadjusted Employment up from 139.063 to 140.598 million.

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

“Nonfarm payroll employment increased by 1.4 million in August, and the unemployment rate declined by 1.8 percentage points to 8.4 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.
In August, employment rose in several major industry sectors. A gain in government largely reflected the hiring of temporary workers for the 2020 Census. Notable job gains also occurred in retail trade, in professional and business services, in leisure and hospitality, and in education and health services.”

Of course, he is 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)”

Looking at the CES report we see…
Originally the BLS reported 139.100 million jobs for July, they subtracted 37,000 jobs from that estimate.
So currently they are saying 139.063 million jobs for July and 140.598 million jobs for August which is an increase of 1,535,000 jobs based on their updated estimates.

7 Steps to Finding a Career Without a College Degree

September 1, 2020 by Tim McMahon

Are you in the market for a job that can bloom into a full career? Do you want to enter a job without having to get a college degree? There are always ways to find a career without having to enter college.

Today, the collective student loan debt in the US is about $1.56 trillion. The average student loan debt at a private non-profit college is $32,300. In public colleges, the average student loan debt is $25,550.

If you want to avoid being in debt, you can start a good career right away, but you need to learn how you can do this properly, not just run out and get a minimum wage job.

1. Find a Mentor

One of the things you need to do first is to look for a mentor who will show you the ropes. If your passion is working with wood, you don’t need to go through college to get the hang of it. A mentor can focus on teaching you the practical skills and information you need for your job.

Many of the “trades” like plumbing, electrical, framing and carpentry still have apprenticeships, so you learn from people experienced in the trade. Some require that you join the union so visiting the local Union hall would be a good place to find out what is necessary to get started in the trades in your particular location.

Finding a mentor is always a smart move because you’ll have someone to guide you. Their focus won’t be jumping between twenty-nine other students. Often, they also have passion in the industry they’re in or teaching you about.

2. Take Online Courses and Short-Term Specialty Programs

Just because you don’t want a 4-year degree doesn’t mean [Read more…] about 7 Steps to Finding a Career Without a College Degree

4 Ways a Criminal Record Can Affect Your Employment

August 27, 2020 by Tim McMahon

A criminal record can severely impact a person’s employment prospects. In time, you can leave your past behind, but while job searching, a criminal record may have a detrimental effect on your ability to get the job you want. In the UK and Australia most convictions are considered ‘spent’ after 4 years, and you should not be required to divulge your criminal record to an employer. However, that is not the case in the U.S.

Restricted Job Pool

Having a criminal background may prevent you from being considered for certain types of employment. Depending on the nature of your criminal conviction and the work that you are applying for, you might not be able to obtain a job in a security position, in education, or in certain kinds of medical jobs. Many employers require a background check, and someone with a criminal record might not be interviewed for a job in these occupations. You might have to accept an entry-level position and work your way up the ladder to better jobs if employers are aware of your criminal past. [Read more…] about 4 Ways a Criminal Record Can Affect Your Employment

Hopeful Entrepreneur: Starting Your Own Business With Limited Funds

August 18, 2020 by Tim McMahon

There are more small businesses starting up now than at any other time in history. If you are a person who is an entrepreneur, no doubt you are a person who seeks out your passions and who wants to have a fulfilling career. As an entrepreneur, your time is all yours. Apart from that, you are able to control your income to a large extent. Finally, as a small business owner, you are able to work in a career that you love. One of the biggest challenges that entrepreneurs face is funding for their businesses. Even though finances can be tight, the problem with the funding is not unsurmountable. The following are a few helpful tips for the low budget entrepreneur.

Incorporate Your Business

If you have a small budget, the last thing that you need is for something to happen to your business that will make you lose more funds. Starting an LLC can be highly affordable. In most states, it cost only a few hundred dollars, but it could save you thousands in the long run.

Keep Your Own Records

Business spending management is extremely important to a small business. Since you are on a small budget, you are going to have to dedicate a significant amount of your time to learning. A great thing for you to learn is simple accounting. There are tons of Youtube tutorials on the subject, or you can choose to buy a great accounting book off of Amazon. You can save yourself tons and become more business savvy if you do your own accounting.

Work at Home

You may not have a lot of space, [Read more…] about Hopeful Entrepreneur: Starting Your Own Business With Limited Funds

Employment Up by a Half-Million in a Typically Bad Month

August 8, 2020 by Tim McMahon

Typically July is one of the worst months for employment second only to January. But this obviously isn’t a typical year.

More than a Half-Million People Return to Work in July as COVID restrictions relax.

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for July on August 7^th.

Unadjusted U-3 was Down from 11.2% to 10.5%!
Adjusted U-3 was Down from 11.1% to 10.2%!
Unadjusted U-6 was Down from 18.3% to 16.8%!
Labor Force Participation fell from 61.5% to 61.4%.
Unadjusted Employment up from 138.509 to 139.100 million.

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

“Non-farm payroll employment increased by 1.8 million in July, and the unemployment rate declined by 0.9 percentage point to 10.2 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. In July, employment rose in several major industries, with the largest gains in leisure and hospitality, government, retail trade, professional and business services, other services, and health care.”

“The rate of recovery in the labor market slowed in July, as job growth over the month was less than half that for June. As of July, total non-farm employment is 12.9 million, or 8.4 percent, lower than in February, before the pandemic crisis unfolded in many parts of the United States. Similarly, although unemployment continued to fall in July, the unemployment rate and the number of unemployed people are up by 6.7 percentage points and 10.6 million, respectively, since February.”

Looking at the CES report we see…
Originally the BLS reported 138.513 million jobs for June, they subtracted 4,000 jobs from that estimate.
So currently they are saying 138.509 million jobs for June and 139.100 million jobs for July which is an increase of 591,000 jobs based on their updated estimates.

4 Jobs with Higher Job Security

August 4, 2020 by Tim McMahon

In turbulent times, one thing you are probably looking for is job security. With many businesses seemingly disappearing overnight, you may be looking for a career you can be confident won’t suddenly end one day. Thankfully, there are fields with better than average job security that you can be assured won’t leave you in the unemployment line. Here are some examples:

Domestic Health Aide

With America’s aging population, one career field that is doing quite well is healthcare. Thankfully, today, not everyone who is elderly or infirm has to live in a hospital or group living center. Many can stay at home thanks to the help of domestic health aides that allow them to continue living their lives with dignity. Domestic health aides are part nurse and part maid and perform an important service for those they assist in their own homes. According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for home health aides was $24,200 in May 2018. And employment of home health aides and personal care aides is projected to grow 36 percent from 2018 to 2028, much faster than the average for all occupations.

Security Guard

Working in security can actually allow you to obtain good job security. There is a continuing demand for security guards across many sectors of society. Businesses, individuals, organizations, schools, and even governments need trained security to help protect certain buildings, facilities, and people. If you want a career that can make a difference, providing protection to those that need it via a security job is one way to do so. According to the BLS, the median annual wage for security guards was $29,680 in May 2019.

Software Developer

The world has become extremely linked to technology thanks to smartphones and mobile internet. Now everyone has a computer with them wherever they go. As such, there is a significant and growing need for those with the skills and expertise to code software. Becoming a software developer could lead you to create mobile apps, video games and many other kinds of software used by thousands and even millions of people. According to the BLS, the median annual wage for software developers, applications was $103,620 in May 2018. Employment of software developers is projected to grow 21 percent from 2018 to 2028, much faster than the average for all occupations. Software developers will be needed to respond to an increased demand for computer software.

Registered Nurse

There is a huge and growing need for healthcare workers. With an aging population and the threat of pandemics, this is truer now than ever before. As such, there is a huge demand for registered nurses. If you become one, it is doubtful you will ever be out of work. According to the BLS, the median annual wage for registered nurses was $73,300 in May 2019. Employment of registered nurses is projected to grow 12 percent from 2018 to 2028, much faster than the average for all occupations. Growth will occur for a number of reasons, including an increased emphasis on preventive care; increasing rates of chronic conditions, such as diabetes and obesity; and demand for healthcare services from the baby-boom population, as this group leads longer and more active lives.

It’s understandable to be worried about job security in the current climate. Thankfully, there are careers that are rather resistant to economic factors and other conditions. The list above is only a starting point. Overall, look for a job where the demand for your work is unlikely to ever dry up.

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Wrongful Termination: Can You Get Fired for Being Disabled?

July 31, 2020 by Tim McMahon

Are you facing a possible wrongful termination? Are you worried that your disability has gotten in the way of your career? Is that even legal?

As a person with a disability, you have a lot of legal protections, and if you’re worried that you’ve been taken advantage of, you may have a wrongful termination case.

If you’re unsure, here are some tips to help you out including some wrongful termination examples in the area of disability law that can help you decide if your employer made a big mistake. Keep reading for more information.

Fired After Revealing Disability

This one probably seems obvious, but let’s talk about it.

You’re not required to reveal a disability to an employer. They may ask and you may fill out a voluntary disclosure form. They may even ask about specific aspects of the job and whether or not you’ll be able to complete them (with or without reasonable accommodations).

For example, if you have a disability that prevents you from lifting heavy objects, they may ask if this is something that you can do.

Some people discover (or experience) disabilities later in life. If you’re established in your career, and an employer fires you conveniently after your disability is revealed (even if they claim other reasoning), this is likely wrongful termination. [Read more…] about Wrongful Termination: Can You Get Fired for Being Disabled?

Over 5 Million More Jobs in June

July 2, 2020 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for June on July 2^nd.

More than 5 million People Return to Work in June as COVID restrictions relax.

Unadjusted U-3 was Down from 13.0% to 11.2%!
Adjusted U-3 was Down from 13.3% to 11.1%!
Unadjusted U-6 was Down from 20.7% to 18.3%!
Labor Force Participation rose from 60.8% to 61.5%.
Unadjusted Employment up by approx. 5.1 million jobs.

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

“Nonfarm payroll employment increased by 4.8 million in June, and the unemployment rate declined by 2.2 percentage points to 11.1 percent. These improvements reflect the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it.
In June, employment continued to rise in several major industry sectors, with the largest gain in leisure and hospitality. Notable gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services.”

Of course, he is 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 133.342 million jobs for May and then in June, they added 68,000 jobs to that estimate.
So currently they are saying 133.410 million jobs for May and 138.513 million jobs for June which is actually an increase of 5.171 million jobs compared to what they originally reported last month or 5.103 million increase based on their updated estimates.

3 Ways to Afford Medical Treatment When You’re Between Jobs

July 1, 2020 by Tim McMahon

In the midst of COVID-19, it’s safe to say that having appropriate healthcare coverage is a must. But with so many people finding themselves laid off or unemployed, paying monthly insurance premiums can quickly become impossible for many people.

As dire as the situation seems, there are ways to get the medical attention you deserve. Since most people look for ways to cut corners, health insurance may be the first thing to go. Read on to learn three ways to afford medical treatment when you’re in between jobs.

COBRA Coverage

COBRA coverage is a specific type of health insurance that kicks in when someone has been laid off from work. This coverage offers additional coverage for a period up to 36 months. Because the cost of COBRA can be expensive, most employers will shoulder the cost for their employees. Note, not every employer participates in the COBRA program, so check with your employer as soon as possible. [Read more…] about 3 Ways to Afford Medical Treatment When You’re Between Jobs

Three Ways You Can Market Your Freelance Business

July 1, 2020 by Tim McMahon

The ongoing coronavirus pandemic has led a lot of people to reconsider their work lives. You might have decided to make the leap to a freelance career, eventually establishing your own business, either by necessity if you have been furloughed from your previous role, or turning the pandemic into an opportunity to build a passion project into a career. Either way, one of the main challenges in building a successful freelance business is marketing yourself and the services you offer. The idea of marketing might sound complicated and leave you feeling overwhelmed, but there are several easy steps you can take to increase your profile. Here are three ways you can market your freelance business.

Schedule Social Media Posts

Perhaps the simplest, and cheapest, way to [Read more…] about Three Ways You Can Market Your Freelance Business