Lower Level Of Unemployment Claims

About 388,000 people filed for initial unemployment benefits in the week ended November 12, according to the Labor Department. It marked the lowest level since April 2 and a drop from the revised 393,000 claims in the prior week. Initial claims measure the number of first-time applications for unemployment benefits. Even though not all those claims end up being approved by the government, they’re considered a good measure of the job market’s strength. Lower claims, now for three weeks in a row, are considered an encouraging sign that layoffs could be slowing and more robust job growth could be in the pipeline. Companies are hearing and reading about gloom, but seeing decent sales, so layoffs are falling. Amid the Great Recession, weekly initial claims had risen as high as 659,000 in March 2009. As the job market started to improve, they eventually retreated to as low as 375,000 in February this year. But then the economy was hit by several shocks, including the earthquake in Japan and rapidly rising prices for raw materials like oil. The jobs recovery slowed in the meantime, but now that the effects of those temporary shocks are fading, various readings on the economy, including initial claims, are improving once again. Economists often look for claims to drop below 400,000 each week, to signal that job growth is strong enough to bring the unemployment rate down. That said, the figure tends to be a choppy, so economists also look at a four-week moving average to smooth out volatility. At 396,750 last week, the four-week moving average is now also hovering at its lowest level since April, another sign of improvement. Click To See More Unemployment Info

The U.S. Economy Gained Only 80,000 New Jobs In October

The U.S. economy gained a net 80,000 new jobs in October, jobless rate falling to 9.0% from 9.1%, according to the Labor Department. Although the pace of hiring fell short of Wall Street expectations, government revisions showed that an additional 102,000 jobs were created in the prior two months. The revisions add to a spate of data showing faster economic growth after a lull in the late spring and early summer. The newly revised employment figures also show the U.S. is not in immediate danger of falling into another recession, an event that seemed quite possible just a few months ago. Economists say the upward trend in revisions could lead to job growth in October also being move higher in the next monthly report. The Labor Department regularly updates the figures to incorporate tax and other government data as well as fresh information from businesses that take part in the employment survey. Yet while the latest government data paints a picture of an improved economy, the U.S. is still adding jobs at a historically slow pace following the end of the brutal 2007-2009 recession. The nation has 6 million fewer jobs now than it did before the downturn. The U.S. would have to add around 250,000 jobs a month for more than two years to bring the unemployment rate back down to its pre-recession level of about 6%. And it takes at least 100,000 jobs a month just to match the natural growth rate of the labor force. So far this year, the economy had gained an average of 125,000 jobs a month, a tepid pace of hiring offers little hope to millions of jobless Americans that they find work soon. Click To See More Jobs Info

Unemployment Rates Fell, A Sign Of Job Gains

The Labor Department announced Wednesday that unemployment rates fell in 280 large metro areas from August to September. Unemployment rates fell in 75 % of large U.S. cities in September, a first sign that the nation’s modest job gains that month occurred across most of the U.S. country. Nationwide, employers added a net 103,000 jobs in September. And the unemployment rate was 9.1 percent for the third straight month. The job gains were only about enough to keep up with population growth. The economy needs to generate at least twice September’s total to reduce the unemployment rate. Unlike national and state data, metro unemployment figures aren’t adjusted for seasonal changes. Many of the areas with the sharpest drops in unemployment were cities with large universities. They likely added jobs at the start of the academic year. State College, Penn., home to Penn State University, reported the biggest drop in unemployment in September. Its rate fell to 5.1 percent from 6.5 percent in August. Grand Forks, N.D., site of the University of North Dakota, reported the next-largest drop, to 4.1 percent from 5 percent. Meanwhile, many of the cities with the biggest increases in unemployment were coastal cities, where many summer employees likely lost jobs. Unemployment in Ocean City, N.J., rose to 9 percent in September, from 7.9 percent the previous month. The second-biggest rise was in Gulfport-Biloxi, Miss., on the Gulf of Mexico, where the rate jumped to 9.8 percent from 8.7 percent. Other cities with big increases included Myrtle Beach, S.C., a popular beach resort, and Barnstable Town, Mass., part of the Cape Cod area. El Centro, Calif., reported the highest rate, at 29.6 percent, followed by Yuma, Ariz., at 27 percent. They are adjacent counties with heavy farm economies and large contingents of migrant labor. Las Vegas had the highest unemployment rate among cities with populations of 1 million or more: 13.6 percent. Bismarck, N.D., registered the lowest unemployment rate at 2.5 percent. The next-lowest were Fargo, N.D., at 3.3 percent and Lincoln, Neb., at 3.5 percent. Among cities with 1 million or more residents, Oklahoma City had the lowest rate, 5.5 percent. Oklahoma has benefited from its oil and gas production and high prices for grains and other agricultural communities. Click To See More Unemployment Info

Many People Are Finding A Well Paid Jobs

Many young people are finding a well paid jobs in Oklahoma City. These peaple are choosing to live and work in this City to improve their lifestyle. Companies that offer employment to continue to recruit workers. Lately, it seems as though there is a job fair somewhere in the metro area every week. There is a huge demand for engineers and information technology professionals. Also, hospitals have been hiring doctors at a rapid pace too. This level of recruitment came from mainly call centers. State unemployment is at 5.9 percent, that’s up slightly from August, so not only are employers in need of workers, but many people still are looking for jobs. Someone recently said if you are going to be jobless anywhere in this country now it’s best to be in Oklahoma. There may be some merit to that statement with all the recruitment going on. For long-term employment opportunities, the Workforce Oklahoma website lists seven job fairs in various parts of the state over the next three weeks. And the Oklahoma Employment Security Commission has set one for Nov. Ten at the Bricktown Coca-Cola Event Center in downtown Oklahoma City. In addition to the energy companies and others such as Boeing, some small employers also are hiring. And its the season also for holiday employment, when some businesses, typically retail outlets take workes on extra help for the Christmas season. The retail landscape in Oklahoma City has changed in the past year. With more than 20 new retailers in this market, holiday hiring likely will be up. Click To See More Jobs Info

New American Jobs Will Create With South Korea

New free-trade agreement with South Korea will create 70,000 of new American jobs and encourage international business partnerships, as the president Obama made his second visit to Michigan in less than two months. Obama and South Korean President Lee Myung-bak toured General Motors’ Orion Township plant Friday to celebrate Wednesday’s passage of free-trade deals with South Korea, Colombia and Panama. “The more goods and services we sell abroad, more new jobs we can create at home in America,” Obama told a couple hundred workers and local officials assembled at the plant. Koreans should be able to buy some Fords and Chryslers and Chevys that are made right here,” he added, with a nod to the success of Korean automakers in the U.S. Obama visited a GM plant with heavy ties to South Korea: The factory’s Chevrolet Sonic subcompact, the smallest car built in the U.S., was developed in GM’s South Korean operations, and a version is currently built in that country. On a tour of the plant, a worker told South Korean President Lee that more than a quarter of the Sonic’s parts are from Lee’s home country. Detroit played a key role in the trade pact with South Korea. The deal was originally inked in 2007, but never made it to Congress after Democrats took control. As Obama sought to secure passage throughout the past year, Ford and the UAW jumped into the fray, advocating changes to the proposed deal. Ford even took out newspaper ads and launched a Web site to help its cause. The White House says it chose to have the president’s celebratory visit at the Orion Township plant because the factory reopened this year to build the smallest car in the U.S., the Korea-developed Chevrolet Sonic. GM moved production of the Sonic to the U.S. from countries such as South Korea or Mexico because the UAW agreed to a unique labor agreement for the plant: At least 40 percent of its production workers earn a little more than half GM’s standard first-tier wage of roughly $28 an hour. Click To See More Jobs Info

U.S. Job Openings Fell, Recovery Take Time

U.S. jobs fell in August for the first time, signaling a sustained labor market recovery will take time to unfold. The number of positions waiting to be filled dropped by 157,000 to 3.06 million, according to Labor Department figures issued today in Washington. Hiring increased by 38,000 to 4.01 million. Job openings decreased 4.9 percent in August from a revised 3.21 million in July that were smaller than initially reported, the data showed. The drop in vacancies was led by trade, transportation and utilities. Payrolls climbed by 103,000 workers in September, a better- than-forecast outcome that included 45,000 returning Verizon Communications Inc. strikers. With unemployment hovering above 9 percent, the economy slowing and concerns of a European default mounting, employers may be slow to further boost hiring. “Companies don’t want to risk making additional hires with the outlook so uncertain,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said before the report. “Corporations are playing it very close to the vest and keeping payrolls lean.” Today’s report helps shed light on the dynamics behind the monthly employment figures. The gain in payrolls in September followed a revised 57,000 increase the prior month, Labor Department figures showed Oct. 7. August payrolls were previously reported as having been little changed. Click To See More Job Info

U.S. Unemployment Rate Has Remained Persistent Around 9 Percent

Unemployment has remained persistent since declining from a high of 10.1 percent in October 2009. While there was improvement during 2010, it has flatlined this year. The rate has remained at around 9 percent for quite some time. The rate of job creation has been especially weak in this quarter. Unemployment staying at 9.1 percent as the economy added a better-than-expected 103,000 non-farm jobs, the Labor Department announced Friday. The stock market opened marginallly higher after the jobs announcement and stayed relatively flat. The Dow Jones industrial average fell 15 points to 11,108 by mid-day and the broader S&P 500 and the tech-heavy Nasdaq showed slight declines. There is expected 50,000 net jobs created in September while the consensus among economists surveyed by Bloomberg News was about 55,000. The Wall Street Journal today said the expectation was for 100,000 new jobs. Economists expected the unemployment rate to stay stead at 9.1 percent. August’s figures were revised to 57,000 new jobs from zero. The government continues to slim down, losing 34,000 jobs. Surprisingly, the construction industry added 26,000 jobs, after a long slump. Click To See More Unemployment Info