In the most recent reports on the employment portion of the U.S. economy 248,000 jobs were created in the month of September, meaning for those who may be looking for one hope may be near. There were many different fields where jobs were created, leaving a variety for jobseekers to choose from. Though employment numbers are up and the unemployment rate is now at 5.9% other numbers in the U.S. economy are still looking down.
It is usually expected that hiring during the summer booms, as businesses try to meet the demands of the customers and increase numbers. Though this year, in 2014, the boom continued until September. The forecast by MarketWatch on created jobs this year was only 220,000 but, in fact, at the end of September the count was 248,000 jobs that were created outside of the farming industry, the largest number since the year 2008. Many of the careers created were in fields like professional and business services, leisure and hospitality, transportation and warehousing, education and health services and more. The numbers and variety have not been this high since before the year 2008, when there was a major recession.
Recently more people were able to find work and a large number of Americans stopped looking for work. Though the number was the highest after last month, the numbers have actually been building well for months, according to preliminary reports. Jobs that were created in the month of August equaled 180,000, which was up from the preliminary 142,000. Now with a peak to 248,000 economists are actually worried that it will once again begin to slow.
The pace that the jobs are being created is up by 17% from the year 2013 but according to reports many of the jobs created are only temporary, meaning what goes up must come down. When the temporary jobs end the 5.9% may rise again, leaving temporary workers still unemployed. Economists also say that many of the positions filled were workers returning to work after leaving for a variety of reasons. One such example is a New England grocery store that was forced to close for a period of time. Some reports show that there also continue to be wage strikes putting workers out of work for a least a period of time, if not permanently.
These numbers according the chief economist of the Navy Federal Credit Union could be “clouding the picture.” Though the unemployment rate is down many are still concerned that it is the other numbers that will bring a decline in the economy.
For example, the average hourly earnings dropped, interest rates have continued and are expected to continue raising, and the stock market continues the trend that it has been on in the last year with some raise and some drop.
Another concern is the type of employment that has been created such as hospitality, which booms in season and does not typically last all year. Manufacturing jobs, “which are good paying jobs that would increase average wages,” has been at a low. Construction was also on the low end of the hiring trend.
Though the U.S. managed to create 248,000 by the end of September to many other numbers are at a standstill or a decline to create false hope, just yet. Should the trends continue the economy could be looking a major improvement from 2008 but without a rise, there is only a fall.
By Crystal Boulware