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+.

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.

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 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

February Jobs Report Smashes Expectations

March 7, 2020 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for February on March 6th.

Unemployment returns to 50-year lows. The “Seasonally Adjusted” Unemployment Rate fell from 3.6% in January to 3.5% in February. Thus returning to the previous low levels of September, November, and December after increasing slightly in January.
We are still in record low territory and that won’t change overnight. Seasonally adjusted U-3 Unemployment notched up 1/10^th of a percent in January and fell back the same amount in February. The Labor Force Participation Rate (LFPR) remains in territory that it hasn’t seen in years…

This is better than expected results and according to @AP News it shows that “the economy was in strong shape before the coronavirus began to sweep
through the U.S. “

The average monthly wage is up almost $130 over year-ago levels so two-income families are bringing in an average of at least $250 a month more. (See employment by Sector for more info).

This month we will also look at unemployment by Education level, and reasons for unemployment.

February Jobs Report Smashes Expectations

Unadjusted U-3 was down from 4.0% to 3.8%!
Adjusted U-3 was down slightly from 3.6% to 3.5%!
Unadjusted U-6 was down from 7.7% to 7.4%!
Labor Force Participation remains at the highest level since 2013.
Unadjusted Employment Up by approx. 880,000 jobs.

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

“Nonfarm payroll employment rose by 273,000 in February, and the unemployment rate was little changed at 3.5 percent.
Notable employment gains occurred in health care and social assistance, food services and drinking places, government, construction, professional and technical services, and financial activities.”

But, 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 150.102 million jobs for January and then they added 15,000 jobs to that estimate.
So currently they are saying 150.117 million jobs for January and 150.997 million jobs for February
which is actually an increase of 895,000 jobs over what they originally reported last month and 880,000 more than current estimates for last month.

Of course, the Corona Virus scare is affecting the Stock Market as the AP news was quick to point out. So March numbers may be affected by that.

For more info see our Current Unemployment Chart and Current U.S. Employment Chart commentary.

Developing an Employee Reward Program

February 27, 2020 by Tim McMahon

In this competitive business world, more business owners are searching for quality improvements while reducing costs. While companies need to get more from their workers, employees will expect more in terms of gratitude as well.

One mechanism by which workers are inspired to change work habits and ethical behavior is through incentives and appreciation.

Many employers nowadays show their appreciation to their people by implementing recognition programs for their variety of achievements, through rewards software like Redii which can build a culture of recognition by giving your employees the autonomy to recognize each other rather than simply taking a “top-down” approach to recognition. Other ways to implement an Employee Reward Program include:

Common Programs That Companies Implement

Many companies give Loyalty Awards. It is done through the duration of the company’s service, mostly in intervals of five years.
Outstanding one-time performance awards often coincide with a cash bonus or additional paid time off.
Being the best performer over a period of time awards, on the other hand, is usually for workers who bring consistency to the work process or product, or who have an excellent customer or client service.

Successful workplace compensation and appreciation approaches are based on the belief that nothing is better than a heartfelt “thank you” or “job well done.” In this context, the introduction of a well-managed recognition system can provide significant support to employers to recruit high-quality employees to keep them motivated and efficient.

https://youtu.be/gSm4QJcB0Zs?t=4

Constructing an Employee Rewards Program

The key to creating a reward program are as follows: [Read more…] about Developing an Employee Reward Program

What are the Top Paying Positions for MBA Graduates?

February 26, 2020 by Tim McMahon

For some reason, a lot of people think that MBAs are only limited to a handful of roles. But with the changing nature of the MBA, graduates are now more versatile than ever and are sought after for a variety of positions that are as diverse as the specializations the degree offers. MBAs are also in very high demand in fields such as health care and technology and are asked to fill roles that are not always directly related to finance. In this article, we’re going to look at some of the highest paying careers for MBA graduates.

Engineering Management

Engineering managers can earn over $120,000 per year on average, with some earning as much as $166,410 per year at the higher end of the spectrum. Entry-level jobs start at around $75,000.

As an engineering manager, you might be asked to:

Direct and coordinate production
Direct quality insurance, maintenance, and testing in industrial plants
Oversee research and development
Mentor, train, and hire new engineers
Write performance reviews
Analyze market demand
Prepare bids, contracts, and budgets
Lead and supervise engineers

Engineers who want to get a job as an engineering manager can either go for an engineering management master’s or an MBA geared towards engineers. One of the options for engineers who want to further their education without leaving their current position is to get their master’s degree online.

Many Universities know that Engineers are busy and can’t stop their career to go back to school so they may offer an MBA tailormade for engineers that can be completed in as little as a year online. For instance, the Kettering University program allows you to get a second degree in engineering management or operation management with as few as four courses. This is a great opportunity for any engineer wanting to move into an administrative role or go into business.

Investment Banker

Investment bankers are [Read more…] about What are the Top Paying Positions for MBA Graduates?

How to Improve Morale in the Workplace

February 26, 2020 by Tim McMahon

It’s important to maintain a positive atmosphere at work for you and your staff. When morale gets low, it leads to counter-productive behavior and causes employees to get stressed and upset. To avoid these issues, here are some ideas on how you can keep high morale in the workplace.

Appraisals

Appraisals aren’t only opportunities to explore areas in which an employee can improve; they also allow staff to air any concerns they might be having regarding work. By providing a private and safe space for them to discuss how they’re feeling at work, this creates mutual trust between you. If employees feel as though they are being treated fairly and listened to, they will be more comfortable when they come into work, ultimately giving them a more positive attitude to their colleagues and duties.

Benefits

Another way in which you [Read more…] about How to Improve Morale in the Workplace