Unemployment rates are rising every day. It is a very serious issue and though this isn’t a new problem, it keeps on increasing. People are getting increasingly frustrated with this issue but next to nothing is being done to better the situation.
The unemployment rate has risen by 0.2 percentage in December 2018. The total number of unemployed people has increased to 6.3 million. Prior to 2018, the unemployment rate was 4.1 percent and the number of unemployed people was 6.6 million. Adult males and the blacks saw an increase in their unemployment rate during the year 2018 which are 3.6 and 6.6 percentages respectively. Adult women and teenagers, however, didn’t see any major rise in the month of December 2018.
The number of job leavers in December was increased by 142,000 to 839,000. These are people who voluntarily chose to leave their jobs and then started looking for jobs immediately.
Little changes have been observed in the labor force participation rate. The employment to population ratio has remained at 60.0 percent for three consecutive months. The number of people who are employed part-time for economic reasons is 4.7 million and they experienced little changes in the month of December. These people prefer full-time jobs as most of them are unable to find proper jobs or their working hours have been reduced.
Establishment survey data
Industries like health care, food services, and construction took a lot of people in. The employment of the healthcare industry rose to 50,000 in December. Many jobs opened up in the ambulatory health care services department within the industry. The construction industry saw job gains in the civil and heavy engineering department and the nonresidential specialty trade construction department. They added about 280,000 in 2018.
The manufacturing industry added about 32,000 jobs in December. The gains mostly occurred in the durable goods compartment. The nondurable section also saw a rise over the month.
Other industries such as mining, transportation, wholesale trade, financial activities, and warehousing did not show any significant growth.
The average hourly earnings of the nonfarm private employees increased to 27.58 dollars. Average hourly earnings have also risen by 84 cents. Many other sectors had their pay scale-revised and they are taking in many unemployed people as well. These revisions caused a growth in the employment rate and it is more than what was reported previously.
The growing unemployment rate in every country is a major concern and though many industries have stepped up to bridge this gap, the unemployment rate is just too high and unless proper measures are taken against it, it will keep in growing and cause problems in every household. If this keeps on growing then very soon all the people will lose their jobs and the mortality rate will spike. The above survey shows a little growth in a few industries which is great but somehow this is failing to achieve its desired effect and people are still finding themselves out of jobs.