These days, the job market is a frequent subject of discussion by the media and economists. As unemployment rises, people are taking a hard look at the job market to determine if there is a better choice to insure a better future. Below is some interesting information I wanted to share with everyone. I think it speaks volumes as to why people are looking toward owning a business vs. taking a job as a means to taking control of their futures.
• October was the 22nd straight month the US economy has shed jobs, the longest on records dating back 70 years
• The Unemployment rate has reached 10.2% (the highest since 1983). However, if you look at the broadest measurement of unemployment (which includes unemployed and underemployed) the rate is 17.5%. There are roughly 17 million Americans now unemployed; about 7.6 million have lost their jobs during the recession that started in December 2007.
• Government intervention is inefficient: It has cost $500,000 to $1 million for every job created so far according to the numbers just released by the White House. That means we are getting less than a $1 growth for every $1 spent.
• The Federal Reserve recently stated that “Unemployment likely will remain high for the next several years because economic recovery will not be strong enough to spur hiring”.
I have included a link below to some interesting job data that was compiled by the Biz Journal. It looks at 323 jobs based on position, average annual earnings, comparison of annual earnings to average annual earnings, median annual earnings, average hours worked, and average weekly earnings and average hourly earnings. Be sure to look at the end of the report for the conclusions I reached from this data.
So why I am sharing this data with you? First, I believe it is critical to have reliable information in order to make good decisions. For those that feel a particular job path is the right choice for you, this will offer you perspective on the job market. Second, I know many of you are entrepreneurs. Therefore, you deal with prospective entrepreneurs that are weighing job options vs. owing their own business. I thought this data might be useful to share with those people also. In the end, I believe having reliable data helps people make wise career and financial decisions. I hope you will find it to be useful.
Is the Job Market the Best Way?
• October was the 22nd straight month the US economy has shed jobs, the longest on records dating back 70 years
• The Unemployment rate has reached 10.2% (the highest since 1983). However, if you look at the broadest measurement of unemployment (which includes unemployed and underemployed) the rate is 17.5%. There are roughly 17 million Americans now unemployed; about 7.6 million have lost their jobs during the recession that started in December 2007.
• Government intervention is inefficient: It has cost $500,000 to $1 million for every job created so far according to the numbers just released by the White House. That means we are getting less than a $1 growth for every $1 spent.
• The Federal Reserve recently stated that “Unemployment likely will remain high for the next several years because economic recovery will not be strong enough to spur hiring”.
I have included a link below to some interesting job data that was compiled by the Biz Journal. It looks at 323 jobs based on position, average annual earnings, comparison of annual earnings to average annual earnings, median annual earnings, average hours worked, and average weekly earnings and average hourly earnings. Be sure to look at the end of the report for the conclusions I reached from this data.
click here to download report
So why I am sharing this data with you? First, I believe it is critical to have reliable information in order to make good decisions. For those that feel a particular job path is the right choice for you, this will offer you perspective on the job market. Second, I know many of you are entrepreneurs. Therefore, you deal with prospective entrepreneurs that are weighing job options vs. owing their own business. I thought this data might be useful to share with those people also. In the end, I believe having reliable data helps people make wise career and financial decisions. I hope you will find it to be useful.
Best Wishes,
Gordon D. Hester