Unchanged unemployment rates for July 2010
The financial crisis of 2007 to the present is a crisis that resulted in the collapse of large financial institutions, the recovery of banks by government loans and downturns in stock markets around the world. The housing market also plummeted, resulting in numerous evictions and foreclosures.
The analysts believe this is the worst financial crisis since the Great Depression of the 1930s. Due to these unfortunate financial conditions the job market in the US has suffered greatly. The U.S. Bureau of Labor Statistics reported that the total non-farm payroll employment declined by 131,000 and the unemployment rate was unchanged at 9.5 % in July this year.
The Census Bureau laid off about 143,000 of the people conducting the decennial population count from mid-June to mid-July. It still had about 200,000 temporary workers on staff as of July 17, indicating additional cuts to be made that will keep distorting the payroll figures for months. In addition to census firings at the federal level, Thursday’s report showed state and local government agencies cut payrolls by 48,000 workers in their effort to close budget gaps. Among other service providers, financial firms cut jobs for the seventh time in the past eight months and temporary-help agencies reduced staff for the first time since September.
In the U.S., the states that are most affected by unemployment are Nevada (with 14.2 %), Michigan (with 13.2 %) and California (with 12.3 %). Among the major worker groups, the unemployment rate for adult men (9.7 %), adult women (7.9 %), teenagers (26.1 %), white people (8.6 %), black people (15.6 percent), and Hispanics (12.1 percent) showed little to no change in July. The jobless rate for Asians was 8.2 %. In July, the number of long-term unemployed (the people that have been jobless for 27 weeks and over) was little changed at 6.6 million. These individuals made up 44.9 % of unemployed people.
Government employment fell by 202,000 in July, largely reflecting the loss of 143,000 temporary workers hired for Census 2010. Employment in both state and local governments edged down over the month.
There is some hope, though, due to the increase in jobs in the private sector. Estimates of 71,000 new job offerings have been listed. Manufacturing payrolls increased by 36,000 in July, more than the survey median of a 13,000 increase and reflecting a 21,000 rise in employment in the motor vehicle and parts industry. Payrolls at retailers and transportation and warehousing companies, in addition to education and health care providers, climbed. The health care system, alone, added a number of 27,000 jobs.
On the other hand, according to the International Labor Organization (ILO), global youth unemployment has hit a record high and is likely to get worse later this year. The report from the ILO says 81 million out of 630 million 15-24 year old where unemployed at the end of 2009, some 7.8 million more than at the end of 2007.11
