U.S. employers hired the fewest number of workers in eight months in August and more Americans gave up the hunt for jobs . . .”
This Reuters article describes current employment trends and the effect it has on both the economy and the actions of the Federal Reserve. Specifically,
- Nonfarm payrolls increased 142,000 in August after expanding by 212,000 in July.
- The jobless rate fell one-tenth of a percentage point to 6.1 percent in August.
- The lower jobless rate in August was the result of more people dropping out of the labor force and not because of an increase in working Americans.
- The Federal Reserve Board and Fed Chair Janet Yellen will use the weakness in the unemployment numbers to keep interest rates at present levels in order to provide a stimulus for the economy.
Specific information about different industry sectors, labor force participation, the number of part-time employees, etc. is also provided in this article.
For more information go to http://www.reuters.com/article/2014/09/05/us-usa-economy-idUSKBN0H008E20140905
You may want to use the information in this blog post and the original article to
- Reinforce how the nation’s economy can affect a person’s ability to obtain employment, develop a financial plan, and achieve both personal and financial goals.
- Assume you are unemployed and looking for a full-time position after graduating from college. What knowledge, skills, and experience do you have that will make an employer want to hire you?
- What steps can you take to provide financial security if you think the economy is about to experience a recession?