Job Market Looking Up in 2010
At the beginning of December, The United States Department of Labor delivered some good news about the job market in the United States. In October, the national unemployment rate was reported to be up to 10.2% – the highest it had been in more than a quarter century. But in December, the unemployment rate dropped slightly to an even 10%.
But now, as 2009 comes to a close, statistics show that the jobless rate could be improving even more as we transition into 2010. The numbers of Americans who are filing claims for unemployment insurance for the first time have dropped to the lowest level in almost a year and a half.
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During the week ending on December 19, the United States Department of Labor saw 454,000 first-time applications for unemployment benefits. The next week, which ended on December 26, only say 432,000 new applications. The Labor Department says these numbers are the lowest they have seen since 413,000 claims were filed 17 months ago during the week of July 19, 2008.
This decrease in new applications was completely unexpected by analysts. Many economists expected the number of claims to jump by around 6,000 bringing the total to 460,000 new applications. Instead, they were surprised by a 22,000 application drop.
Jobless claims peaked in the United States during March of 2009. That month, the number of new, first-time unemployment applications reached as high as 674,000. Numbers had not been that large since 1982.
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The number of continued claims has also decreased. The most recent data from the week of December 19 shows that 4,981,000 people filed claims to continue their unemployment coverage. The previous week had roughly 57,000 more applications with 5,038,000 continued claims.
While this information is undeniably good news, the reason claims have dropped may not necessarily reflect an improving American job market. During 2009, several expansions were made to unemployment benefits in the United States to prolong the amount of time out of work Americans could receive unemployment benefits.
These sharp decreases in claims could be due to the fact that many unemployment recipients’ unemployment eligibility has ended, making them move onto extended benefits, which are not included in continued claims numbers.
But if you are still waiting for the job market to give you the employment opportunities you need, why not take matters into your own hands? Working with SMC can allow you to be your own boss, letting you work when and where you want. The best part is that when working with Specialty Merchandise Corporation, there’s virtually no limit to the amount of success you can have.
