Unemployment Rate Falls:

Last year, the economic status of the United States was in the most record breaking disappointing situation. Rate of unemployment was most impacted and went to higher levels because of the financial crisis in which the country is going through.

For Obama’s government, it was a tough challenge to get hold to the situation of unemployment rates. But with current surveys of December, it looks like finally Obama administration has succeed to overcome this challenge. The unemployment rates are static and are seeming to turn around from past 4 months. While in the given period of time, 155,000 new jobs have been added.

According to the report of U.S. Bureau of Labor Statistics, 155,000 new jobs have been added in the nonfarm payroll employment category. Though this new number of jobs being added has not created any change in the current unemployment rate, there are drastic numeric changes in the number of unemployed people in different categories according to the current surveys.

The U.S. Bureau of Labor Statistics has confirmed that they are increasing employment opportunities in the health care sectors, construction, food industries & drinking places. Also manufacturing industries are also opening up their doors for new employees.

To be very specific, in November, there were 45,000 new job positions created in the health care sector, 38,000 new job positions has been added in restaurant & bars. On the other hand, there are new 30,000 job positions opened in the construction sector. Overall, health care sector has experienced the biggest growth in employment rate in last month of 2012. The lowest in these sectors were the manufacturing industries by opening 25,000 job positions for the people who are unemployed.

By reviewing the current situation, Alan B. Krueger, the White House Chairman of the Council of Economic Advisers said that this new improvement in the unemployment rate provides another evidence that the US economy is healing from the wounds of recession that started from 2008.

With new hopes of improvement in the unemployment rates, Alan B. Krueger has also warned the lawmakers that they should not attempt the games of politics based on these data. He said, “As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and payroll employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data that are becoming available.”

While the government agents are reporting it as a new victory of Obama government, the economists & financial experts have different opinions from them. They are continuing on their point that, as the unemployment rate is still static on 7.8%, the economy is not going to have any drastic improvement from such new job opportunities.

The time frame of 2015 will hold still until the unemployment rate goes down to 6.8%. They also have opinions that current economic situation of USA is not strong enough to support this new job growth added in the private sectors.

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Category: Finances
Keywords: Dow Jones, Unemployment, Jobless claims, Fiscal cliff, ASX