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 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

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.