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Friday, September 4, 2020

New Jobs-Improving Economy?

(Cox, 2020)
Good news for jobs as the Bureau of Labor Statistics released its September 4th 2020 Employment Situation Summary. According to the report, "August, the unemployment rate declined by 1.8 percentage points to 8.4 percent, and the number of unemployed persons fell by 2.8 million to 13.6 million." (BLS, 2020). This means we are moving in the right direction and hopeful the 3rd and 4th Q will bring us to par of previous economic levels and then see real growth next year as life continues. 

What Type of Jobs Are Growing?

"Notable job gains also occurred in retail trade, in professional and business services, in leisure and hospitality, and in education and health services." It would seem like people are starting to spend and enjoy life. I wonder if education and health services are filling a new demand. I guess you would have to look into each to determine how they define their categories. Retail trade means people are buying and it likely paired with some leisure activity as people feel they want to get back to being "normal" again. Professional and Business Services could also be positive if it means companies are adapting and investing in their internal infrastructure. 

What is the Demographic Breakdown?

"adult men (8.0 percent), adult women (8.4 percent), teenagers (16.1 percent), Whites (7.3 percent), Blacks (13.0 percent), and Hispanics (10.5 percent). The jobless rate for Asians (10.7 percent) changed little over the month." We can still see the disparities between Blacks and Whites. It would be nice if we someday move forward together and get everyone on the same level in a true Capitalistic fashion that earning is based on you and your abilities and not any false characteristic. How we do that in a way that most people can buy into is a whole different story. Personally, I would like to see us universalize our perceptions of each other so that these things are not so important influences in our lives. People are judged on their own merits.

BLS. (September 4, 2020) Employment Situation Summary. Retrieved September 4th, 2020 from
https://www.bls.gov/news.release/empsit.nr0.htm

Cox, J. (September 4th, 2020). 'Payrolls increase by nearly 1.4 million as the unemployment rate tumbles'. CNBC. Retrieved September 4th, 2020 https://www.cnbc.com/2020/09/04/jobs-report-august-2020-.html

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