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+.

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

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.”

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