The monthly jobs report for September 2009 has been released, and about 263,000 non-farm jobs were lost in the month. Analysts had expected losses, but the actual number is worse than anticipated.
Wages of the jobs that stuck around are mostly flat, with a slight bias to the upside (about .1%).
Incredibly, the unemployment rate is unchanged at 9.8% – the worst since June 1983. Of course, if you’re majoring or minoring in economics you would know how many ways the number can be manipulated through creative redefinition.
For many years, Americans had earned the unsavory reputation of working more hours than most of our counterparts. Suddenly, we’re only averaging 33 hour work weeks and the general sentiment is we wish more work was available!
Despite extreme efforts to prop up the economy with bailouts and stimulus spending, an incredible wave toward deleveraging has begun. The momentum toward equilibrium is strong, and we can not completely offset the pain of contracting credit and paying back old debts.
Healthcare related jobs continue to grow – but now might not be the best time to study transcription. A move toward a more streamlined medical records process is likely to be a part of the evolution of healthcare reform over the next few years. Instead, take the more valuable road and learn about providing actual care for people. There are never enough nurses, doctors, or paramedics.
Education also continues to hold in and resist job losses. Despite falling budgets in many public schools, demand for education rises in tough economic times. Science and math teachers are in high demand, and when the economy does recover, scientists and mathematicians will also be in demand.
The job market may look like a nightmare, but that’s no reason to panic! A college degree is still the best way to get an in-demand job, and the increasing competition among unemployed will only increase the value of that college education.