Comparison Between Government and Private Sector Job Markets!
State and local governments have expanded their payrolls and added 110,000 jobs whereas the private sector has cut 6.9 million jobs since the start of the recession, according to a report issued Thursday by the Nelson A. Rockefeller Institute of Government.
This report was based on an analysis of federal jobs data, found out that state and local governments steadily added jobs for eight months after the recession started in December 2007, with their employment peaking last August. They have since lost 55,000 jobs, but from the commencement of the recession till last month they added a net of 110,000 jobs, the report revealed, partially due to the federal stimulus program.
Government jobs are always more stable as compared to the private sector jobs during downturns, but their ability to acclimate the current deep recession startled Donald J. Boyd, the senior fellow at the institute who wrote the report.
“I am a little surprised at the fact that state and local government has remained as stable as it has in the nation as a whole, given the depth of the current recession,” Mr. Boyd stated in an interview. Read the rest of this entry
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Unemployment Rises, Stocks Fall
According to government records jobless rate is 9.5%, which is slightly less than what was expected, but nonfarm payrolls make 467,000 people jobless.
It was said by the Labor Department that in June US employers have cut down more jobs than what was expected by the analysts raising the unemployment rate up to 9.5%.
It had been the headline number that 467,000 jobs has been trimmed from nonfarm payrolls, investors were also greatly concerned about a decline that is observed in the average workweek, it falls to 33 hours in June from 33.1 in May. It has been indicated by this figure that a growing number of workers are underemployed, implying further declines in wages.
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