US job market expected to improve slowly but surely

This is a guest post by Neil R. Williams, a financial consultant. He helps and consultants people on financial issues such as their debt problems, credit repair, debt settlement, bankruptcy filing and so. Besides, he writes articles on finance topics and have them published across the web

The global financial crisis that the US is suffering from is nothing but a result of the ever-increasing national debt level, increase in the budget deficits and the rise in the level of unemployment. The present situation in the world’s current financial system is not due to any natural development in the international trade and finance but a result of the various instances of mismanagement of the US government policies. The US job market is staggeringly suffering and this is the primary reason behind the malfunctioning of the US economy.

President Barack Obama met with the corporate leaders and announced a meeting in an effort to control the America’s leading export of jobs. The rate of unemployment in the US in the month of November was about 9.80%. Since the year 1948, there has been an average unemployment rate of 5.75% in the United States. This statistics had reached a historic level of 10.8% in the month of November, 1982 and also a historic low level of 2.5% in May, 1953. The total labor force of America is determined by the total number of employed people and the total number of people seeking employment.

The unemployment level has risen to a high level of 9.80% in the month of November, according to the US Bureau of Labor Statistics as reported on the 3rd of December. There were some temporary health services and health care companies that kept on adding jobs throughout the month while the employment level dropped in the retail trade. The total number of unemployed persons in the US was about 15.2 million in November and the unemployment rate had been 9.6% three months back.

Among all the major working groups, the unemployment rate for adult men were 10%, 8.5% for adult women, 8.9% for the Whites and 13.3% for the Hispanics in the month of November, 2010. The rate of unemployment for the Blacks showed a slight change over the month being 16% and the rate of teenagers who were unemployed dropped to 24.5%. Among all those who are not employed, the number of persons who lost their jobs increased by 390,000 to 9.6 million in November, 2010. The number of persons who have remained unemployed for a long span of time changed to 6.3 million and they accounted for 42% of the unemployed.

However, the financial experts of the US are of the opinion that there has been a marked increase in the unemployment benefits during the holiday season and this has implied that the overall job market is slowly but surely improving within a short span of time. According to the statistics of the Labor Department, 150,000 jobs were created in October and according to some new figures, 180,000 jobs were created in the month of November. Though there have been an increasing number of jobs, yet the jobless rate is still prevailing in the country, one of the highest rates since the days of Franklin D. Roosevelt. Overall, the Labor Department has stated that the companies are gradually hiring employees thereby adding to the encouraging news that the US economy is starting to rebound slowly.