A Look at May's Labor Statistics

Even though stats were flat, I do see a bit of a silver lining.

Here is the official news from the U.S. Department of Labor as released on June 1, 2012:  http://www.bls.gov/news.release/pdf/empsit.pdf and here is an excerpt in case you do not have time to read the whole report: "Nonfarm payroll employment changed little in May (+69,000), and the unemployment rate was
essentially unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, transportation and warehousing, and wholesale trade but declined in construction. Employment was little changed in most other major industries."

Some of my loyal readers are going to get upset with me and will likely take me to task on what I am about to say. Yes, this report was quite disappointing. Yes, we are still extremely flat with slow job growth and unemployment numbers refusing to decline. No, not all is hopeless because there was some creation of new jobs (69,000) and unemployment did not increase.

What does this mean for job seekers? Simply put, job hunting will still be a huge challenge in coming months but is not absolutely hopeless. If you wish, you could blame your continued unemployment on the numbers and decide to shut down until things get better but they may never get better if we remain stuck in a rut. 

What does this mean for employers? You could look at these numbers and conclude that, as long as statistics remain flat, business will remain flat and there will be no need to hire new staff. How about looking at it another way? While unemployment remains high, the number of talented people out there is also high. Some of those people might actually relish the chance to bring their skills to you at lower wages than they would have four years ago. 

Perhaps it is time for both job seekers and employers to realize that 2012 is not 2008 but that sometimes opportunities can be created. I can almost imagine the responses this blog entry will result in but I am dead serious that we can get things moving if we all open our minds just a bit further.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Dan Grant June 11, 2012 at 03:08 PM
Mike, you are right on the money and under this reduction in public jobs and incomes we have stepped down demand dramatically. Christie and the municipalities have taken up to $6000.00 from tens of thosands of public workers from their take home pay and directed that toward the pension system for investment and the Heralthcare industry. That means those people cut down on buying products and services from NJ business. Not as many dinners out, hold off on a car purchase or a home improvement all of which effect our ecconomy more than little Stevie Forbes getting a tax cut. Forbes has claimed credit for designing the Whitman Tax cuts of the 90's which are in fact where the pension debacle and excellerated property taxes began.
AtlasWillShrug June 11, 2012 at 05:51 PM
Prentiss, the "recovery" that was brought to us by our current administration was caused by nothing other than spending. In fact, the "force behind most of the recovery" is Keynesian spending, all paid for by the tax payers. Government spending has done anything but been cut. The reason why cutting hasn't worked is because it hasn't occurred. You've been mislead to your notion of "uncertainty" seeing as the instability of our financial markets is in fact derived from the crumbling Euro Zone. With the Euro on the brink of collapse, there is no reason for any rational investor to actually invest their money.
AtlasWillShrug June 11, 2012 at 06:05 PM
Austerity is what will save Europe. Each and every country in the Euro zone that is moaning and groaning about having to cut back spending has a public sector that is simply too large to support itself. When the Public sector becomes large enough that tax receipts cannot fund it, debt is incurred to finance the deficit. As is the case with Ireland, Spain, Portugal, etc. the amount of debt that has been incurred is equal to, if not surpassed their own respective GDPs. When this occurs, there is virtually no way to avoid default. The ONLY remedy is to cut costs. As to the top 500 corporations experiencing 16% higher profits, they have cut costs too and look where its gotten them...
Al Iervolino June 11, 2012 at 11:36 PM
Mike I disagree with your pipeline comments. I believe in the theory of supply and demand. Just look at what fracking has done to the price of natural gas. Regarding your link. Accidents happen. It’s how they are managed that is the issue. People get in car accidents all the time, should we stop driving? we shouldn't use spills as a reason not to build pipelines.
been there done that June 12, 2012 at 12:26 AM
MIke, don't mean to demean the link, just think (hope?) we're all more capable than that...I don't think anyone blames Obama for the mortgage mess; he inherited a tough situation but clearly is not the man for the job


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