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Private Jobs in America Rising

Private Payrolls Ease US Unemployment

The impact of private payrolls on employment is critical. Unemployment remains at epidemic proportions in America with the real unemployment much higher than the official statistic. It is estimated the real unemployment rate is around 22%, the official estimate is at 8.9% as at March, 2011.  The Federal Reserve embarked on a  quantitative easing policy that has pushed the costs of everyday food items higher.  The weak US dollar has seen soaring prices of agricultural commodities devastating the purchasing power of average Americans and consumers around the globe. Indeed it has been the real catalyst for the Mid East revolution contagion that has swept from Egypt to Libya.

Unemployment in the US is the highest since the great depression.

Is the US economy on the brink again?

The ineptitude of governments puts greater significance  on the private sector. ADP releases it’s private payroll numbers each month just prior to the Bureau of Labor Statistics employment report. In April they announced new jobs  of 201,000.  To make sense of this number it is worth noting  the U.S. economy must create around 150,000 new jobs each month to match population growth. The average monthly increase in employment is 211,000 new jobs in America over the past four months (December 2010 through March 2011).

The has been a pick up in job growth in the U.S> in 2011m the average job growth August through November 2010 was just  74,000 of new jobs.

One would expect construction sector to be struggling as we see house prices continue to fall and the industrial economy still weak. Indeed it does remain weak with construction employment dropping 5,000 in March 2011.  For an objective correlation of the property bubble the total decline in construction jobs since its peak in January 2007 is 2,126,000.

The Feds money printing though has helped employment in the financial services sector increase by 4,000 jobs in March.” Though this was the first increase since 2007.

 

CBO says US jobless rate to stay above 8 pct until 2012

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  • Article by billyaustindillon

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