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+.

4 Tests And Examinations You Need to Pass Before Becoming a Trucker

June 22, 2020 by Tim McMahon

Being a truck driver can be a rewarding experience. You have a chance to travel and make a good income. However, there are several tests that you will need to take before you become a truck driver.

Department of Transportation Exam

In order for you to be a truck driver, you will have to be healthy. That is why you will be required to take a DOT certified physical exam before you become a truck driver. The exam will consist of a hearing test, vision test, blood pressure check, pulse check, and general physical assessment. If the doctor finds any problems during the exam, then they will document it in your records. Keep in mind that a medical problem may not necessarily bar you from becoming a truck driver. However, you will have to get the proper treatment.

Commercial Driving Permit

Most people know that you are required to have a commercial driver’s license before they become a truck driver. However, you will have to get your commercial learner’s permit before you get your commercial driver’s license. You need to have a current driver’s license. You will have to pay a fee and pass a basic skills test.

Written Test

You will need to be [Read more…] about 4 Tests And Examinations You Need to Pass Before Becoming a Trucker

Tips for Starting a Business While Unemployed

June 6, 2020 by Tim McMahon

Job loss is never nice, that much is for certain. It brings with it a lot of financial uncertainty, and it can have a devastating impact on the person’s confidence and self-esteem. That being said, unemployment still throws up a host of different opportunities, one of which is entrepreneurship. If you ever lose your job, don’t allow yourself to wallow in the disappointment for too long — see it is as an opportunity to broaden your professional horizons. If you use your newfound free time wisely, there’s no reason why you can’t start your own business and ultimately take your career to a whole other level.

Explore Your Options When It Comes To Financing Your Startup

Unemployment will force you to [Read more…] about Tips for Starting a Business While Unemployed

Unemployment Rate Falls Contrary to Economist’s Projections

June 6, 2020 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for May on June 5th.

COVID-19 Unemployment Decreases as People Return to Work

Unadjusted U-3 was Down from 14.4% to 13.0%.
Adjusted U-3 was Down from 14.7% to 13.3%.
Unadjusted U-6 was Down from 22.4% to 20.7%.
Labor Force Participation rose from 60.2% to 60.8%.
Unadjusted Employment rose by approx. 2.9 million jobs.

Civilian Unemployment

Economists were predicting another stairstep increase in unemployment in May. According to a CNBC article “Economists surveyed by Dow Jones had been expecting payrolls to drop by 8.33 million and the unemployment rate to rise to 19.5% from April’s 14.7%.”

Instead, Unemployment fell to 13.3% and payrolls rose by 2.9 million making the “experts” wrong by roughly 11 million.

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

“Nonfarm payroll employment increased by 2.5 million in May, and the unemployment rate declined by 1.4 percentage points to 13.3 percent. These improvements in the labor market reflected a limited 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 May, employment rose in several major industry sectors, with the largest gains in leisure and hospitality, construction, education and health services, and retail trade. By contrast, employment in government continued to decline sharply.”

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 131.071 million jobs for April and then they subtracted 660,000 jobs from that estimate.
So currently they are saying 130.411 million jobs for April and 133.342 million jobs for May which is actually an increase of 2.271 million jobs compared to what they originally reported last month. Or 2.931 million jobs based on their current estimates of April’s employment.

Unemployment Rate by State April 2020

May 23, 2020 by Tim McMahon

On May 22^nd 2020, the U.S. Bureau of Labor Statistics released the Seasonally Adjusted Unemployment rates for each of the fifty U.S. states but “Due to the effects of the pandemic and efforts to contain the virus, Puerto Rico was not able to conduct normal data collection for its household survey in March or April 2020.”

According to the May 8^th BLS data, April’s overall U.S. Seasonally Adjusted Unemployment Rate was 14.7% in today’s release we can see that some states had significantly higher rates with Nevada having 28.2% Unemployment, and Hawaii and Michigan having 22.3% and 22.7% unemployment respectively. At first blush, we might consider Hawaii and Nevada as understandable due to their high reliance on tourism but Michigan doesn’t have high tourism. And if high tourism is the cause for Hawaii and Nevada why does a high tourism state like Florida have “only” 12.9% unemployment?

By looking at the map we can see the high unemployment states are clustered in the Northeast and run down to Louisiana (which got hit with a double whammy of both the Coronavirus and falling oil prices). Other hard-hit areas are the West Coast and Hawaii.

State Unemployment Levels

The following table provides [Read more…] about Unemployment Rate by State April 2020

Coronavirus Shutdown Causes 20 Million Job Losses

May 9, 2020 by Tim McMahon

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

COVID-19 Shutdowns Send Unemployment Rate Soaring

Unadjusted U-3 was Up from 4.5% to 14.4%!
Adjusted U-3 was Up from 4.4% to 14.7%!
Unadjusted U-6 was Up from 8.9% to 22.4%!
Labor Force Participation fell from 62.7% to 60.2%.
Unadjusted Employment down by approx. -19.5 MILLION jobs.

Civilian Unemployment

In April, the ranks of the unemployed swelled by almost 20 million bringing it up to approximately 23 million in total. Rather than looking at percentages, the following chart looks at the actual number of unemployed individuals. The current number of unemployed is considerably higher than at the peak of the 2008-2010 “great recession”.

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

Nonfarm payroll employment declined by 20.5 million in April, and the unemployment rate increased to 14.7 percent, reflecting the widespread impact on the job market of the coronavirus (COVID-19) pandemic and efforts to contain it. Employment fell sharply in all major industry sectors, with a
particularly large decline in the leisure and hospitality sector.

The response rate for the household survey continued to be adversely affected by pandemic-related issues, while that for the establishment survey returned to a normal range in April. In addition, there were changes to the estimation methods for the establishment survey to better account for the historic number of temporary or permanent business closures in April. The impacts of the pandemic on the household and payroll surveys are detailed in the April Employment Situation news release and accompanying materials (available on the BLS website)). For both surveys, we were able to obtain estimates that met BLS standards for accuracy and reliability.

The substantial job declines related to the coronavirus pandemic started in March, as payroll employment declined by 870,000, as revised. Job losses accelerated in April, as an additional 20.5 million jobs were lost. These April losses were pervasive across all industry sectors, and brought nonfarm employment to its lowest level since February 2011.

Looking at the CES report we see…
Originally the BLS reported 150.804 million jobs for March and then they subtracted 221,000 jobs from that estimate.
So currently they are saying 150.583 million jobs for March and 131.071 million jobs for April which is actually a decrease of -19.733 million jobs compared to what they originally reported last month. Or -19.512 million jobs based on their current estimates of March’s employment.

7 Reasons to Consider a Career in Data Analytics

April 22, 2020 by Tim McMahon

Whether in finance, manufacturing, consulting, government or education, the demand for data analysts is growing at an astronomical pace across all companies and industries. The need to collect, preserve and interpret data is urgent as businesses fear missing out on discovering insights that can give them the upper hand.

This has made data analysts some of the most sought-after professionals out there. And with the ideal combination of strong demand and limited supply, the field has never looked better for those looking to become a part of it. Even at entry-level, data analysts command high salaries and great benefits.

Moreover, the sheer depth and variety of work conducted by data analysts makes it an exciting field. There’s much to learn and every day can bring a new experience. Before we continue with the reasons to consider a job in data analytics, let’s take an in-depth look at what you can expect from this career path.

What Does a Data Analyst Do?

While the nature of the work can vary depending on where you’re doing it, the basic job of a data analyst is to take large amounts of data and probe it to obtain insights that will help their employers make more informed decisions. The specific career path you take as a data analyst will largely be influenced by the company you work for.

Some data analysts work in the healthcare sector, while others can be found on Wall Street in banks and private equity firms. In addition, there are roles in industries such as technology, retail, marketing, government and more. Insurance companies also have deep data structures that require an analyst’s expertise.

Responsibilities

Some of the things you can expect to do as a data analyst include: [Read more…] about 7 Reasons to Consider a Career in Data Analytics

How to Be a High Productivity Individual at Work

April 21, 2020 by Tim McMahon

70% of employees aren’t hitting their maximum productivity at work. About half of these aren’t even putting in any work. They are just sleepwalking through their day!

If you’re one of these people, you’re not just doing your employer a disservice. You’re shooting yourself in the foot. If you want to progress in your career and even in life, it’s in your best interest to put in the hard work.

However, maybe you’ve tried everything you can to be a high productivity individual but nothing seems to yield positive results.

We’re here to help.

Continue reading for effective tips to improve your productivity at work.

Plan Your Day

If you’re anything like most workers, you’ve probably tried [Read more…] about How to Be a High Productivity Individual at Work

Coronavirus Skyrockets March Unemployment

April 4, 2020 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for March on April 3rd.

COVID-19 Shutdowns Send Unemployment Rate Soaring

The BLS commissioner emphasized that even though the numbers are collected mid-month and the massive shutdown had just begun it was already having detrimental effects on the unemployment rate and we can expect worse to come.

Unadjusted U-3 was Up from 3.8% to 4.5%!
Adjusted U-3 was Up from 3.5% to 4.4%!
Unadjusted U-6 was Up from 7.4% to 8.9%!
Labor Force Participation fell from 63.4% to 62.7%.
Unadjusted Employment down by approx. 193,000 jobs.

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

“Nonfarm payroll employment declined by 701,000 in March, and the unemployment rate increased to 4.4 percent, reflecting the broad impact on the job market of the coronavirus (COVID-19) and efforts to contain the illness. Employment fell by 459,000 in the leisure and hospitality industry, mainly in food services and drinking places. Notable employment decreases also occurred in health care and social assistance, professional and business services, retail trade, and construction.

It is important to keep in mind that the March survey reference periods for the establishment and household surveys (the pay period or week, respectively, that includes the 12th of the month) predated many business and school closures that occurred in the second half of the month. In addition, data collection for the two surveys was affected by the coronavirus.

Although response rates for both surveys were adversely affected by pandemic-related issues, we still were able to obtain estimates from our two surveys that met BLS standards for accuracy and reliability.”

But looking at the CES report we see…
Originally the BLS reported 150.997 million jobs for February and then they added 58,000 jobs to that estimate.
So currently they are saying 151.055 million jobs for February and 150.804 million jobs for March
which is actually a decrease of 193,000 jobs compared to what they originally reported last month. [Read more…] about Coronavirus Skyrockets March Unemployment

8 Reasons Why You Should Pursue Higher Education (Now!)

March 24, 2020 by Tim McMahon

Over 76 million Americans pursue higher education every year. However, you may be asking yourself if post-secondary education is right for you.

Higher education is an investment in yourself and your future. A college degree provides tons of enrichment and adds value to your life. Plus a college degree helps you improve your earning potential.

Does a college degree really help you earn more money than a high school diploma? Absolutely! If you get a college degree you will earn an additional one million dollars over the course of your life.

Still not convinced? Keep reading for 8 reasons you should pursue higher education.

1. Increase Your Earning Potential

There’s a dramatic wage gap between people with [Read more…] about 8 Reasons Why You Should Pursue Higher Education (Now!)

Benefits of Working with a Staffing Agency

March 24, 2020 by Tim McMahon

When it comes to finding a job, there are many ways to go about it. Most people try doing their job search on their own. But if you’re looking for a new job, you might consider calling in the professionals by working with a staffing agency. Over a single year, staffing agencies help companies hire over 16 million temporary and full-time workers. In fact, most people hired through staffing agencies are able to find full-time work, and about 49% of staffing employees say it’s a good way to get a full-time job.

They Have Experience

You could spend days pouring over all the self-help advice on how to do the job search properly. Or, you can simply work with a staffing agency that lives and breathes the hiring process. They understand what employers are looking for and know how to showcase your individual talents to get you job offers quickly.

They Have Job Openings That Aren’t Publicly Listed

Businesses who rely on staffing agencies to find them the top talent that they need don’t [Read more…] about Benefits of Working with a Staffing Agency