Job gains in August were not as hoped for but that is once again to be expected as August has been busy dashing the hopes and dreams of economists since the mid-eighties.
Simply put, our economy is good, perhaps better than it has been in many years, but the growth of 173,000 jobs in August was simply not enough to convince anyone. All in all, the unemployment rate is lowering, but these are just statistics, and there is still a looming threat of deflation on the horizon.
What we All Need to See
What we need is strong growth and that means:
- Higher Sustained Job Growth
- Higher Participation in Labor Force
- Higher Number of Hours Worked
The last two points are at an all-time low, and for that reason they will need significant improvements before any decision can be made. That being said, the unemployment rate is good, but it is only a small piece of a bigger picture. An increase of a quarter percent might be in order, but it is unclear as to whether or not this will happen.
So what does this all mean from the job market August 2015 report? It means that we’re on our way, but we haven’t crossed the finish line yet. Still, it’s a good thing that we can actually see the finish line, finally.
If you are finding it difficult to recover from a job loss or you need help getting your finances back on track, it would be a great time to talk to an attorney at Van Horn Law Group about your options.