Seniors: take a moment to relax. Those 50+ applications that you filled out may have paid off.
Although employment was down in March, new statistics from the U.S. Bureau of Labor Statistics were released this morning that show a gain of 223,000 jobs in April, cutting the unemployment rate to 5.4 percent. Overall, the job market has a large effect on our economy, with one aspect being interest rates. Interest rates are currently at zero and are not expected to rise until at least September in an effort to encourage growth. The lack of accuracy in March’s numbers, which was revised from 126,000 jobs to 85,000 jobs, shows that that nearly a third of the jobs were incorrectly reported. In allowing for the same 32.5 percent margin of error for April as there was in March, the reality would be between 150,436 and the reported 223,000 jobs. This reflects a significant, but much less dramatic, gain.
Seniors at North Central who are most likely in the Job-hunting process will be happy to hear these statistics. A student finishing up a premedical program, or looking to graduate with a Business Degree might find comfort in these statistics. Areas that have seen a lot of growth include the Professional and Business Sector, which added 62,000 jobs. The Health Care industry also added 55,600 jobs, and the home building industry added 45,000.
However, these unemployment statistics should be taken viewed as general indicators. The job market report is a notoriously inaccurate depiction of those who are unemployed, as it does not account for those who are under employed, those who are working part-time, or those who have stopped looking for work. What it does show, however, is a trend of people finding jobs this spring, regardless of whether they are full-time, part-time or even temporary employment.
