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A weak December jobs report from the Bureau of Labor Statistics not withstanding, 2014 is poised to be the year for job growth in the United States, according to Moody's Analytics. Of course, even if the economy does generate the 2.6 million jobs predicted, those gains won't be felt equally in every state.
Over one million Americans who lost their unemployment benefits in recent weeks will remain without support, after legislation faltered in back-to-back votes in the Senate on Tuesday.
Last week, unemployment benefits expired for over a million Americans. Also, a report revealed that over 50.1 percent of Congress are millionaires.
Economists predicted an addition of more than 190,000 jobs for December 2013, which makes today's Employment Situation Report unexpected bad news. Total non-farm employment increased by just 74,000 jobs in December, bringing the yearly average per month up to 182,000 per month -- identical to 2012's numbers. Unemployment, meanwhile, dropped to 6.7 percent, a new five-year low. So what's going on?
The last month of 2013 was the strongest overall for job gains, according to the ADP National Employment Report for December. Gains of 238,000 jobs were significantly higher than the previous month's 215,000 jobs, and greater than the 200,000 jobs predicted by economists.
Given the state of the economy over the past couple of years, you'd think employers would be more understanding about gaps in a potential hire's CV. But even a prolonged recession can't change human nature, and no matter how unfair it is, hiring managers tend to pursue employed candidates more ardently than folks with long stints of unemployment.
Increasingly, getting laid off (or worse, fired) seems to be part of life. You'd be hard-pressed to find anyone among your acquaintance who hasn't, at some point, found themselves unexpectedly unemployed. Still, better to have a plan of attack than to rely on "misery loves company."
The ADP National Employment Report is out for November, and the news is rosy: the economy added 215,000 private-sector jobs from October to November -- more than the 170,000 jobs predicted by economists.
Younger workers have a famously high unemployment rate. Last month, workers aged 20 to 24 had a 12.5 percent unemployment rate, while those aged 25 to 34 had an unemployment rate of 7.3 percent -- the national average for October. Workers aged 55 and over, though, had an unemployment rate of only 5.4 percent. What gives?
The economy added 204,000 jobs during the month of October, according to the Bureau of Labor Statistics, and unemployment increased slightly to 7.3 percent, compared to 7.2 percent for September. However, due to the government shutdown, there's some question as to whether that information is both accurate and significant.
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