The latest monthly employment data from the government is out, and, according to Bloomberg, it indicates a hiring surge in September. The latest report shows that 248,000 jobs were gained in September, and that the unemployment rate fell to 5.9%. This is the lowest rate since July 2008.
While many analysts cheered the news as an indication that the economy and the job market are picking up the pace, there are some skeptics that aren’t too sure that it’s really time to celebrate — especially if you are out of work and looking for a job.
What jobs are available to workers?
First of all, there are those who claim that the way the government measures unemployment is flawed, since it only counts those who still looking for work. It doesn’t include those who aren’t reporting in, who have fallen off the unemployment benefits rolls, or who don’t look for work. The “real” unemployment rate, these folks argue, should be much higher.
Others are also concerned about the types of jobs available. It’s true that the job market is improving in terms of number of jobs available, but the quality of these jobs is debatable. Many experts have cited a shift in the job economy toward temporary positions, part-time work, and freelance work. Many of the jobs being created are low-wage and may not be long-term.
So, while it is encouraging to see the jobless rate drop to below 6%, there are still questions left to the average person looking for a job. Are there really jobs available? And what kinds of jobs are there? And what will the long-term consequences of under-employment be?