Americans are facing from the last month great drop down in the jobs opportunities. This is a bad impact on the economy when U.S has a strong competition with other economical struggling countries.
In America the variety of workforce are depending on the industries, factories, schools, banks and other workplaces. According to the December 2009 estimate the fall down in workforce is up-to 496,000 .The rate of participation of workforce in the economical run is now 63.3% which is big bad sign for the economical progression of U.S.
March is considered as a 2nd month for the decline estimation when 626,000 workforce rapidly drop down after the month of January. Very short range of employees about 88,000 were hired till March calculating after 9 months. World Economical crisis affects so much the economical market of America that cause atrocious outcome on stock market and the dollar value and the great oil prices smash.
Rapid decrease in the workforces and the fear of unemployment are causing the insecurity to the other job holders. In the month of February the huge jump in the down fall of the workforce are forcing the people to move on the other land after a jobs opportunities. The question is arising that is the reason behind the decrease in workforce is 1950’s Generation with the more experiences in the workplaces. The companies prefer the old workforce to the new one. Due to the effect of the economical juncture employers are firing young employees other than the old experienced workers.
Keith Hall had said on this situation “You have to think that it’s large part demographics, but demographics are not really going to have such a big effect on month-to-month changes,”
According to the survey 500,000 employees has faced the unemployment and 118,000 retiree’s age faced unemployment tension. The question is this why the rate of unemployment between old and young workforce is not equal. When there is new generation has a better capability and latest educational power then old workers. Now in the current situation workforce of the age 65 or more is about 72,000 which suddenly increase from 27,000 after February. If we say this in clear cut that participation of 55 and 64 year old peoples is about 65% which is very frustrating for the young peoples who are looking for the jobs.
The Assistant Professor of Economics Peter McHenry has declared these words “People are just giving up the search for work. A lot of them would like to work and they aren’t, that is a serious sickness in the economy,”
The companies or organization working to help the unemployment is only 10% here to help them in finding jobs or for claiming unemployment files to get benefits or other aids.The recent survey in March has shown the critical economical situation of the employees , when America is considers as well developed country among the other developed countries.
After the downfall in stock market of America after the struggle analyst observed only 2% increase in the employment rate. The economical analyst are saying they need 2.5% economical growth to overcome the unemployment rate in some means.
In the month of March, it is detected the recovering situation of stock market has changed the unemployment crisis lightly, because about 88,000 peoples were added to the workplaces.The people that are having unemployment benefits have better chances to get jobs because insurance companies give them the jobs opportunities bouquet to avail any one. Patrick O’Keefe said “When that incentive is no longer available, they withdraw,” .The thing is this that current opportunities are less then the amount of Unemployed which is very discouraging for the workforce. Actually the shortage of the young employees is causing the disturbing condition to the economy.
Hall, a former Bureau of Labor Statistics Commissioner said “For the young who are getting out of school, studies show a lot of their earnings growth comes in the first 10 years after they get out of school,”
Economist are saying that to fulfill the market need employees that are working in the workplaces are not sufficient. So the employees are facing work burden that makes them tiring and bored of their task. Every employee on a post is taking over the charge of so many responsibilities in an organization. The salaries are less than the work that are taking from them. Sometime organization demands over times to the employees to accomplish the tasks. Organizations under economical crisis are unable to hire new employees so they are putting burden on their present workforces which is making them fed-up.
As Feroli said “The idea that labor force participation is structurally or institutionally impaired gains increasing credence with each passing jobs report,”
Universal and U.S Economical Impact
From the last 11 years the economical situation of the world is reverse to the stage of UN-progression. Till now U.S and including all effective countries are fighting against this situation. With fall of stock market the value of dollar dropped down then euro and pound.
The Treasury note revealed at 1.76 and disclosed at 1.70 and high mortgage interest rate.The rate of unemployment decreased all over the Europe and great amount of people push back to the poor economical status.