News & Analysis
Comment
daleste
I would move to Singapore for a good job. Are they still hiring grey hired ...
sprite0022
More jobs added, but unemployment rate unchanged
Sylvie Barak
7/11/2012 6:05 AM EDT
SAN FRANCISCO--According to data from the Bureau of Labor Statistics (BLS), the U.S. saw the number of employed people jump by 128,000 in June.
Despite the addition of some 80,000 new jobs last month, however, US unemployment remains unchanged at 8.2 percent, owing to a labor force increase of more than 189,000.
In other words, the labor force is growing faster than the country can create jobs, creating a status quo that has kept the unemployment rate above 8 percent for over three years, with little sign of improvement in months to come.
Though that news is hardly encouraging, it is worth noting that jobs in manufacturing, computer and electronic component making added 7,600 workers last month, bringing the total of people employed in the sector to 1.12 million.
Computer and peripheral equipment makers saw their numbers reach 165,900, some 2000 more than the total for May, while the semiconductor industry currently employs 389,900 people, up by 2,300.
The manufacturing sector added 11,000 workers last month, a decent amount, but still far from the average 41,000 workers being hired per month during the first quarter of this year.
Meanwhile, data processing and hosting companies cut 400 jobs, to 242,800 workers.
For people over 25 years old with a college degree, the unemployment rate is just 4.1 percent.
Despite the addition of some 80,000 new jobs last month, however, US unemployment remains unchanged at 8.2 percent, owing to a labor force increase of more than 189,000.
In other words, the labor force is growing faster than the country can create jobs, creating a status quo that has kept the unemployment rate above 8 percent for over three years, with little sign of improvement in months to come.
Though that news is hardly encouraging, it is worth noting that jobs in manufacturing, computer and electronic component making added 7,600 workers last month, bringing the total of people employed in the sector to 1.12 million.
Computer and peripheral equipment makers saw their numbers reach 165,900, some 2000 more than the total for May, while the semiconductor industry currently employs 389,900 people, up by 2,300.
The manufacturing sector added 11,000 workers last month, a decent amount, but still far from the average 41,000 workers being hired per month during the first quarter of this year.
Meanwhile, data processing and hosting companies cut 400 jobs, to 242,800 workers.
For people over 25 years old with a college degree, the unemployment rate is just 4.1 percent.
|
|
|
|
|
Navigate to related information
kinnar
7/11/2012 8:10 AM EDT
This is quite true that the employment rate is increased from the above figures, but simultaneously it need to compare the rate lay-offs given during the same durations.
Sign in to Reply
goafrit
7/11/2012 8:25 PM EDT
The fact is that the future of world economy points to one where lesser people will be employed. It is the simple hard fact and we are experiencing the initial phase of it
Sign in to Reply
daleste
7/11/2012 11:17 PM EDT
"For people over 25 years old with a college degree, the unemployment rate is just 4.1 percent." Does this include people who have left the job market or retired early due to not finding work?
Sign in to Reply
garydpdx
7/12/2012 1:37 PM EDT
The definition of unemployment is that you are looking for a job. Therefore, you are part of the overall workforce. So leaving the job search or retiring early means that you are no longer part of the labor market.
Sign in to Reply
Bert22306
7/12/2012 5:15 PM EDT
People who are layed off, as well as new entrants into the work force, make it so you barely stay even if you create 150,000+ new jobs per month. So indeed, 80,000 is a dismal number. Nothing to brag about.
Also, when people give up looking for work, that artificially lowers the umemployment figure.
It's frustrating to see the government exacerbate the problem, by creating a whole plethora of arcane, confusing new tax policies, that no one has a clue how they will play out.
Sign in to Reply
garydpdx
7/13/2012 9:40 AM EDT
The labor participation rate and the employment to population ratio are better figures to use because they count actual jobs. Unemployment measurements are subjective, they are not the same from country to country - not even between the US and Canada.
The Bureau of Labor Statistics has a page where they re-crunch data from other countries using the BLS formula. Statistics Canada sets their UE rate at 7.3% ... the BLS recrunches that to 6.3% ...
Sign in to Reply
sprite0022
7/13/2012 4:25 AM EDT
just let ya all know, singapore, there are plenty of hiring going on and on.
why singapore is moving while US is idling?
Sign in to Reply
daleste
7/16/2012 10:20 PM EDT
I would move to Singapore for a good job. Are they still hiring grey hired white guys? The US is not.
Sign in to Reply
Abadhesh
7/13/2012 4:42 AM EDT
Very tough to understand, that what is going on and on......, Only the truth is yourself that who are you, are you eligible?......
Sign in to Reply
resistion
7/13/2012 4:45 AM EDT
The last sentence almost looks like an advertisement to get a college education. Maybe that's not bad in itself, but such an education shouldn't be considered a guarantee of better odds.
Sign in to Reply
chanj
7/13/2012 11:20 AM EDT
Economy in Asia Pacific region is heavily driven by China. Although the growth of China economy has slow down, it is still growing and will still drive the economy of the region to the +ve region. In addition, as the knowledge flows faster thanks to Internet, the knowledges and skills of the people in the region are getting close to what US engineers equip. Cloud based computing allows workforce to be anywhere in the world. If corporation can get same skill set with lower cost, why will they hire a US based engineers? The growth rate in Singapore is not a surprise to me.
Sign in to Reply
sprite0022
7/15/2012 10:41 PM EDT
the difference as I can tell is,
a singapore OP makes starting pay at ~ singapore $1400, Eng ~ $3000.
the rest of conditions should be similar as US, main employee HP, ST, micron, etc...
what americans need to do is halve their monthly pay and everything ll be cool.
Sign in to Reply
prabhakar_deosthali
7/15/2012 2:43 AM EDT
What is required by US engineers to remain competitive in the global scenario is to reduce their standard of living so has to be satisfied with lower salaries , otherwise the Asians who are now qualification and intelligence wise at par with US engineers will grab those jobs and the US businessmen ( however patriotic they are to their country ) would not hesitate in using that low cost workforce
Sign in to Reply