The struggling US economy added just a minimal 49,000 jobs in the country recently.
According to media reports, the drastic low took center stage, when compared to the results of previous years. To be more specific, this means that a total of 10 million citizens are clearly affected, having no jobs when compared to the previous year in the country.
The US Bureau of Labor Statistics revealed how the new 49,000 jobs that were created in January fell short of economists’ predictions or forecasts that signaled figures arising in 100,000.
While the new jobs did end the long 6-month decline for job creation, it did little to nothing when it came to taking measures out for overcoming mega employment losses.
On the other hand, authorities talked about the tepid increase followed by a massive decline of 227,000 jobs in the month of December. This is the first major loss since the month of April. Meanwhile, January’s employment rate did fall sharply, from figures relating to 6.7% to 6.3%, reported the Labor Department on Friday.
Media outlets spoke about how half of the drop actually took place because those out of work actually found jobs. In the same way, it mentioned how many significant others stopped searching for work. Hence, they were no longer counted as a part of the unemployed!
Some experts went on to mention how the jobless rate was actually understated by individuals who misclassified themselves with an employed status but were actually absent from their work. But what do these figures actually, asks the US comman man.
Well, the statistics reflect the staggering and faltering status of the nation’s job market. This is clearly slowed by the viral pandemic which is still forcing so many consumers to hold back their travel plans, dining out options, entertainment facilities, hotel stays, and shopping too.
All those forums that engage direct face to face contact are put on a complete standstill, in other words. Therefore, currently, at least 10 million Americans hold an unemployed status.
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