More Proof the Job Market Still Isn’t Working Skip to main content

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More Proof the Job Market Still Isn’t Working

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Just released unemployment numbers in North Carolina are showing some promising signs of post-recessionary economic improvement. Unemployment officially dropped in 93 of 100 North Carolina counties from last month’s figures.The state’s adjusted unemployment rate is at 10.1%, with 36 counties at that level and the number of workers who found jobs in February up by16,500. But another new report reveals that these new and improved numbers touting a rebounding labor market may be a bit premature: unemployment rates may be dropping, but not necessarily for the right reasons. According to Bloomberg, “About half of the fall in the jobless rate during the last four months was caused by Americans who gave up looking for work and left the labor force -- a development that he said isn’t something to welcome…. Some 6.3 million people have been out of work and looking for a job for more than six months. The employment-to-population ratio is lower than it was when the recession ended as companies have been slow to add to payrolls. And big sources of hiring in the past -- government, health care and retailing -- may not be able to reprise that role in the future as lawmakers limit outlays and consumers curb spending.” These mixed messages coming from unemployment rates and accounts of actual joblessness are making it difficult for the Federal Reserve to craft sensible monetary policies for the future, including interest rate adjustments, inflation, and overall governmental belt-tightening. Add to these federal financial troubles the depletion of long-term unemployment benefits in many states, like those running out this month for tens of thousands of North Carolinians, and the future ain’t as rosy as the picture that these unemployment figures would paint. As Bloomberg found, the challenges facing the U.S. involve both the quality and quantity of jobs created. A study Michael Spence, Nobel laureate and professor of economics at New York University's Stern School of Business, did with New York University researcher Sandile Hlatshwayo “showed that virtually all of the growth in employment between 1990 and 2008 was in the nontradable sector of the economy, which isn’t subject to international competition. Government and health care together accounted for almost 40 percent of the jobs added. Employment growth in that sector is likely to slow as government spending is restrained, the authors argue in a paper for the Council on Foreign Relations in New York. Value added per person grew 0.7 percent a year in the period studied, which explains why wage gains for these types of jobs were limited, they say." Given this uncertain economic picture, it’s vital to consider all of your options when dealing with unexpected debts related to a sudden loss of work, diminished income, or the unexpected loss of unemployment benefits. A personal bankruptcy, whether via a Chapter 7 liquidation filing or a Chapter 13 repayment option, can provide a safe and sure way to help you get through your own tough economic times—whenever they might arise. As such, getting to know a qualified bankruptcy attorney can be the first best step to help any unemployed or financially insecure person conquer their creditors and face their financial fears, yielding the right kinds of support, information and insights—at a low cost.  The bankruptcy attorneys at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to 1-888-234-4181, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.

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