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+.

August Unemployment Report

September 7, 2019 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for August on September 6^th. Unemployment is still near record lows. According to the BLS, the “Seasonally Adjusted” Unemployment Rate for August is unchanged at 3.7% for the 3^rd month in a row. But up from 3.6% in May and down from 3.8% in February and March.

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

“Total nonfarm payroll employment rose by 130,000 in August, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment in federal government rose, largely reflecting the hiring of temporary workers for the 2020 Census. Notable job gains also occurred in health care and financial activities, while mining lost jobs.”

Of course, he is talking about “Seasonally Adjusted Jobs” in reality there were 151.517 million people employed in August up from 151.169 million employed in July. Although the BLS originally reported 151.183 jobs for July.

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

Key August Employment and Unemployment Numbers

This month’s Unemployment report was full of positive news.

Seasonally adjusted Unemployment remained at historically low levels.
Unadjusted U-3 was Down.
Unadjusted U-6 remains good.
Labor Force Participation Up Again
Unadjusted Employment Up

Key factors in the BLS report were:

Health care employment increased by 24,000 and 392,000 over the past 12 months.

Financial activities employment rose by 15,000, with nearly half of the gain occurring in insurance carriers and related activities (+7,000). Financial activities has added 111,000 jobs over the year.

Not sure if this is good or bad but…

“Social assistance employment continued on an upward trend in August (+13,000). Within the industry, individual and family services added 17,000 jobs. Social assistance has added 100,000 jobs in the last 6 months.”

Injury at Work? Know Your Rights to Compensation and FMLA

September 2, 2019 by Tim McMahon

Workers in the American workplace have certain protections under the law. Two of the most important are the right to a safe workplace and the right to leave for medical conditions. It’s your job as a worker, though, to know your rights to compensation and under the FMLA.

Know When an Injury Counts

One of the most important things you’ll need to know is if an injury counts as happening at work. Generally speaking, an injury that occurs during the regular commission of your job – whether on-site or off will count as a work-related injury. So long as you are on the clock or doing something as part of your duties, your injuries should be covered.

Who is Eligible for FMLA

Not every employee is eligible for leave under the Family and Medical Leave Act (FMLA). You must be employed by a company that is not exempt (that is, has fifty or more employees) and you must have worked for the company for at least a year before you become eligible. There is also an hourly requirement – you must have worked for at least 1,250 hours during the course of those twelve months. If you meet all of these criteria, you are covered under the FMLA.

What to Do If You Don’t Get What You are Owed

From Testing to the Bar—4 Tips for Starting Law School

August 20, 2019 by Tim McMahon

The field of law is not designed for the faint of heart. If you’re considering pursuing this career path, a daunting and precarious journey awaits. However, you shouldn’t allow these unknowns to dull your passion. While in law school, it’s particularly essential to tackle your responsibilities with unbridled ambition. Here are some tips on how to stay afloat while undergoing law school.

Networking Matters

Even if your phone is chock-full of contacts, you should always make efforts to network. Your classmates will likely evolve into your colleagues, so it’s wise to forge relationships while your career is in its infancy. As a result, you’ll be well-equipped to navigate your domain when your profession blossoms. Internships and corporate events are excellent ways to get involved.

https://youtu.be/CnEkBAWy4H4?t=40

Take Practice Exams

Preparation is key in schooling. Even if you feel primed for an exam, it’s prudent to take the practice test. Experienced law students suggest that there’s no more efficient way to bolster your confidence than by partaking in these exercises. After all, exams make up the lion’s share of your overall grade. With that said, if your professor offers these opportunities, it’s in your best interest to avail yourself of this perk. [Read more…] about From Testing to the Bar—4 Tips for Starting Law School

How Those With Autism Can Strengthen Their Odds in Applying for Jobs

August 14, 2019 by Tim McMahon

Diagnoses of autism have become more prevalent over the last several years, as has the awareness of the condition. There are many adults on the autism spectrum who are more than capable of holding down jobs and participating in business activities, but many still have problems with the application process. Below are four of the ways that adults with autism can strengthen their chances when it comes to applying for a job.

Work Within Areas of Strength

The next logical step to take is to look at those areas that speak to an individual’s areas of strengths. If you have issues with significant social interactions, for example, it might make sense to look for positions that require less team-based work. If certain physical stimuli are an issue, on the other hand, you may want to seek out fields that don’t tend to regularly feature those problems. Finding a workplace that allows you to embrace your strengths is always a good idea, and it’s usually the best way to put your own unique skills to their best use. In the following video, we can see that some companies are actually looking for people with the special skills Autistic people have. The problem, of course, is the interview. But now companies are finding alternative ways to screen autistic candidates.

The Interview

The best solution would be to [Read more…] about How Those With Autism Can Strengthen Their Odds in Applying for Jobs

July Unemployment Unchanged But…

August 3, 2019 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released its monthly unemployment survey results for July on August 2^nd. Unemployment is still near record lows but this month’s Unemployment report was a bit of a “mixed bag” with some positive news and some not quite so positive.

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

“Nonfarm payroll employment increased by 164,000 in July, and the unemployment rate was unchanged at 3.7 percent. Notable job gains occurred in professional and technical services, health care, social assistance, and financial activities.

The July increase in payroll employment was in line with the average monthly job gain in the first half of the year (+165,000), but below the average monthly job gain of 223,000 for 2018. (Incorporating revisions for May and June, which decreased employment by 41,000, monthly job gains have averaged 140,000 over the past 3 months.) ”

Of course he is talking about “Seasonally Adjusted Jobs” in reality there were 152.307 million people employed according to the BLS’ June report and then they adjusted it down to 152.242 million but in July there are only 151.183 million employed so there was either a decrease of -1.059 million jobs based on the new numbers or a decrease of -1.124 million based on the original numbers. But there were only 148.295 million employed in January so there about 2.88 million more people employed in July than in January.

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

Key July Employment and Unemployment Numbers

Adjusted U-3 Unemployment- 3.7% Unchanged from June
Unadjusted U-3 Unemployment- 4.0% Up from 3.8% in June and 3.4% in May but still below 4.1% in February, and 4.4% in January.
Unadjusted U-6 Unemployment- 7.3% down from 7.5% in June Up from 6.7% in May. It was 7.5% in March, 7.7% in February and 8.8% in January.
Unadjusted Employment (Establishment Survey)- 151.183 million down from 152.307 million in June up from 148.295 million in January.
Labor Force Participation Rate- 63.0% up from 62.9% June, 62.8% in April and May but unchanged from 63.0% in March and still below the peak of 63.2% in February.

Although they rose a notch in June (and stayed there in July), current Seasonally Adjusted U-3 levels are still below the 3.8% lows of 2000. Prior to that, we have to go all the way back to 1969 to see better unemployment levels than we have currently. If we break below 3.4% we have to go all the way back to 1953 (during the Korean War) to find lower levels. And we must remember that there was a massive loss of the workforce due to the war, and a higher percentage of the population was not counted due to “farming”, so we probably won’t see levels that low again. The 1969 lows occurred during the Vietnam war. Prior to 1969 was a low of 3.7% in 1957 so we are currently at that level. As we can see from the above chart we are in one of only 5 “green zones” where unemployment levels are below 4%. Not even the “boom” period 2006-2007 reached such low levels.

4 Tips for Job Searching with Little Work Experience

July 23, 2019 by Tim McMahon

Much like the Hunger Games, corporate America is a dog-eat-dog world. so you must prove your merit in order to get ahead. Without a lot of job experience, demonstrating your value to a company can prove difficult. If you’re new to the world of business, here are some tips on how to get started.

Network, Network, Network

Whether you’re pursuing a lifeguard job for summer break, a warehouse job once out of high school, or your first job out of college, networking is the backbone of good business. According to Payscale.com between 70 and 85 percent of all jobs are found through networking.

Not only does networking help cultivate social skills, but it helps you get your foot in the proverbial door as well. Search online for events happening in your area. You’re bound to meet an assortment of like-minded individuals who match your enthusiasm. After all, it’s not what you know but rather who you know that’ll take you far in business.

Unemployment By State and Political Party

July 19, 2019 by Tim McMahon

Unemployment rates were lower in June in 6 states and stable in 44 states and the District of Columbia, the U.S. Bureau of Labor Statistics reported today. Three states had jobless rate decreases from a year earlier and 47 states and the District had little or no change.

Vermont had the lowest unemployment rate in June, 2.1 percent. The rates in Alabama (3.5 percent), Arkansas (3.5 percent), New Jersey (3.5 percent), and Texas (3.4 percent) set new series lows. (All state series begin in 1976.) Alaska and Puerto Rico had the highest jobless rates, at 6.4 and 8.4 percent respectively. In total, 13 states had unemployment rates lower than the U.S. figure of 3.7 percent, 9 states and the District of Columbia had higher rates, and 28 states had rates that were not appreciably different from that of the nation.

Table of U.S. State Political Party statistics as of January 2019

I’ve sorted the following table by political party. If we look at it this way, we can see that [Read more…] about Unemployment By State and Political Party

Being Unemployed Is Tough… Doing These 8 Things Can Make Your Life Better

July 18, 2019 by Tim McMahon

We hear all the time how good unemployment rates are looking. As of right now, they’re hovering around record lows of just 3.7%. What you don’t hear much about are the people that comprise that 3.7%.

That percentage represents millions of Americans that want to be working right now but can’t find a job that they feel suits their unique talents and sensibilities. If you’re one of the people that are in the midst of searching for a good gig, we want you to know that you shouldn’t treat being unemployed like it’s a permanent problem.

There are a number of things that you can do right now to make the most out of your situation. Here are 8 of the top things that we recommend.

1. Stay on a Schedule

Being unemployed shouldn’t be an excuse for you to stay awake until 3 am and stay sleep until 3 pm. Not only does that schedule make it so you’re not able to fully maximize your time but it also will be hard to transition out of when you do get a job again.

Do everything in your power to manage your schedule the same way that you would if you were working a full-time job. Get up at a reasonable hour, be productive during the day and go to sleep before midnight.

2. Engage With Temp Agencies

If being unemployed is causing you financial stress and you need to earn cash ASAP, head over to a temp agency. Temp agencies are groups that have connections with a variety of companies. When the companies that they work with need jobs filled for limited periods of time, temp agencies send people to fill the need.

That person that gets sent in could be you. Many temp jobs pay rather well. Furthermore, temp jobs have been known to serve as excellent gateways into full-time employment. [Read more…] about Being Unemployed Is Tough… Doing These 8 Things Can Make Your Life Better

4 Degrees to Consider if You Want a Job Right out of College

July 16, 2019 by Tim McMahon

Choosing a major isn’t always about launching a high-income career, but job prospects are an integral part of the degree decision for many students. While there are hundreds of programs in dozens of academic fields that can lead to a rewarding career, there are a few particularly promising paths that degree seekers should consider.

Accounting

Accounting has been a go-to degree for many career-minded college students over the last few decades and it’s still a strong choice. There is unparalleled opportunity for specialization and advancement without a high barrier to entry. A bachelor’s degree is sufficient for many entry-level positions, while a master’s degree and industry experience can qualify accountants for more advanced certifications. There is a high demand for accountants of all skill levels in both government and private sector positions. According to the U.S. Bureau of Labor Statistics, “The median annual wage for bookkeeping, accounting, and auditing clerks was $40,240 in May 2018.” A Certified Public Accountant would earn more. Typical Entry-Level Education is Some college, no degree required to become a bookkeeper but is preferred for a career in Accounting.

Information Systems and Technology

Computer science is another strong degree choice for students who want to get a job right out of college. Programming and software design are core skills for almost any profession in the industry, but there are also plenty of opportunities to branch out into other areas. Information systems administration and database management are both useful skills for landing jobs, as is cybersecurity and mobile application development. The following table from the Bureau of Labor Statistics lists a variety of Computer related jobs and their median salaries.

The median annual wage for computer and information technology occupations was $86,320 in May 2018, which was higher than the median annual wage for all occupations of $38,640.

June Unemployment Higher

July 6, 2019 by Tim McMahon

The U.S. Bureau of Labor Statistics (BLS) released their monthly unemployment survey results for June on July 5^th. Unemployment is still near record lows but it has ticked up a bit.

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

” Nonfarm payroll employment increased by 224,000 in June, and the unemployment rate was little changed at 3.7 percent.
Over the month, notable job gains occurred in professional and business services, in health care, and in transportation and warehousing.”

Of course the Commissioner is talking about “Seasonally Adjusted Jobs” in reality there were 152.307 million people employed in June up from 151.600 million employed in May so the actual increase was 707,000 new jobs in June. There were only 148.295 million employed in January so there are over 4 million more people employed in June than in January!

Key factors in the report were:

Employment in Professional and Business Services increased by 51,000…
Health care employment increased by 35,000 in June…
Employment in transportation and warehousing increased by 24,000
Construction employment rose by 21,000…

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

Key June Employment and Unemployment Numbers

Adjusted U-3 Unemployment- 3.7% Up from 3.6% in May
Unadjusted U-3 Unemployment- 3.8% Up from 3.4% in May but still below 4.1% in February, and 4.4% in January.
Unadjusted U-6 Unemployment- 7.5% Up from 6.7% in May. It was 7.5% in March, 7.7% in February and 8.8% in January.
Unadjusted Employment (Establishment Survey)- 152.307 million up from 151.600 Million in May and 148.295 million in January.
Labor Force Participation Rate- 62.9% up from 62.8% in April and May down from 63.0% in March and from the peak of 63.2% in February.

Current Seasonally Adjusted U-3 levels are still below the 3.8% lows of 2000. Prior to that we have to go all the way back to 1969 to see better unemployment levels than we have currently. If we break below 3.4% we have to go all the way back to 1953 to find lower levels and remember that was during the boom that followed WWII with a massive loss of the workforce due to the war so we probably won’t see levels that low again.