Leah Nagle Week 9 - 214,000 Without Jobs

The economy has somewhat improved from its drop due to the Coronavirus pandemic, however, last week, it was reported that 214,000 do not have jobs. On Thursday, the Labor Department claimed that 15,000 jobless Americans have now dropped to 214,000 in correlation with the expected 220,000 individuals without a job. 

In February of 2022, 678,000 more American individuals reported having some form of work than previously, making the unemployment rate 3.8%. In addition, Federal Reserve Chairman Jerome Powell claimed that the central bank agreed to increase interest rates 25 basis points since six more rises in the economy are expected this year. 

Wages have risen by 5%, annually, due to this labor market. As a result, the federal government is attempting to control the inflation that has occured. One month ago, inflation purely from consumers was 7.9% annually. Increased prices of energy have largely contributed to this inflation issue. 

Another serious problem has occurred in the labor market because of the baby-boomers’ retirement, less babies being born, and many women choosing not to work. Reports from February prove that companies are finding workers, but at the moment, eleven million jobs are available. 

In addition, many workers are leaving large companies, looking for better jobs with more flexible hours and increased payments. 

What do you think about this? Does this issue worry you even though it may not affect our daily lives directly as teens? It definitely worries me, the words “inflation” and “jobless economy” carries a lot of weight. 

Citations 

Source 

Jobless Claims Fell to 214,000 Last Week | Economy | US News. https://www.usnews.com/news/economy/articles/2022-03-17/jobless-claims-fell-to-214-000-last-week.

 


Comments

  1. Atara BerkowerMar 24, 2022, 10:39:00 AM

    It worries me that many people do not work and do not have money to pay for their needs. Since there are so many job opportunities and available jobs available, it confuses me on the fact that most people who do not work complain about the problem they created themselves. Most people have the resources they need to find jobs, although do not work because they are busy with their families.

    ReplyDelete
  2. AnonymousMar 28, 2022, 4:34:00 PM

    Personally, I think that if you can and you need to, work. There are so many jobs available and so many different opportunities and I think that people should work if they need it. I also think that before quoting your job, you should find another one so that you don't get stuck with a job worse than the one before. Furthermore, I think even those who don't need to work and have enough money, should work. Working is a way to be busy when you're bored and I think its important to have something that keeps you busy when you get older. The issue does worry me because of inflation.

    ReplyDelete

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