US job outlook cheering up
by Harleen Kaur - September 7, 2010
United States, 7th September: The US job market is showing slow but imminent signs of cheering up in the coming times.
The US President Obama’s labor secretary said that the job scenario in the US is showing improvements as a total of 90,000 new private sector jobs were added for each of the last eight months.
Although, the unemployment rate in the US is still hovering around 9.6 percent, and almost 50 percent of the US people aged 16-24 were having summer jobs in the month of July this year, which happens to be the lowest rate in the period of 62 years when the data was collected for the first time; however, the news of private employers in the US added new jobs is certainly a positive outcome to be rejoiced in the US.
The reason for a slight hike in the unemployment rate in the US in the month of August over the last three months is largely due to the fact that many unemployed who had been too discouraged to search for work in the US. However, when some of them returned to the US job market in the nation in August this year, it resulted in a marginal increase in the unemployment figures for the nation, said Toronto-Dominion Bank economist James Marple.
And this slight rise in unemployment is a sign of improvements in the US job market especially since this is inevitably nurturing hopes in the minds of several aspirants for work in the US.
Moreover, the fall in total employment in the US, although painful, is not going to stay permanent since its primarily due to loss of temporary government census jobs and also due to the state governments’ efforts to avoid huge deficits. So, as the government census cuts are ended shortly, the job market is undoubtedly set for improvements.
And the improving job scenario in the private sector is reiterating the fact that the US economy is surely rising up from the recession slowly but surely, thus putting the fears of several economists and investors at bay.
Not to forget the fact that despite a slow growth in the US job market, there has been visible signs of improved consumer spending which is a good reason to cheer about and likely to drive the economy towards betterment.
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