Connect with us

Employment

Unemployment Rate Experiences its First Increase in Nearly a Year

Teenagers and college students should have it a little easier when looking for work.

Brandon Walker

Published

on

The national unemployment rate rose to 4% – indicating the first increase in almost a year, CNN Money reported. In the month of June alone, businesses across the country racked up over 200,000 new jobs. The economy continues to grow as more jobs have been added each month for eight years straight – the longest stretch to date.

The economy is in good shape, and the reason why the unemployment rate creeped up is because over 600,000 Americans joined the work force. CNN Money says that as a result, people who previously gave up on their job search have started to look for work again.

So, the good news is that new entrants to the work force – like teenagers and college students – have it a little easier when trying to look for jobs. According to Satyam Panday, senior economist at S&P Global Ratings, the labor market has more room to grow.

“It’s a good thing. There are more people coming into the labor force,” said Panday. “It indicates that we have more labor market slack.”

Cathy Barerra, chief economist at ZipRecruiter, said that the remaining slack in the job market could restrict wage growth. And as an effect, employers might not feel the need to raise the pay for employees.

When discussing the retention of new workers, The New York Times explained that “average pay raises have been relatively measly considering the demand for labor.”

“Workers, particularly in lower-wage sectors, have other complaints. Many employers limit hours to avoid paying benefits like health insurance. Work shifts frequently change with little notice, and wage increases are still insufficient to cover living costs,” said The New York Times.

Certain industries, such as retail and construction, experienced highs and lows since the job market expansion.

“Every sector of the economy added workers in June except retail, which lost 22,000 jobs to offset gains in May,” said CNN Money. “Construction jobs have increased by 282,000 over the year to meet housing demand, and mining has tacked on 95,000 jobs as energy prices jump.”

Manufacturing jobs rose by 36,000 in June as well. Hopefully this trend keep pace as unemployment rates tend to fluctuate within the market.

Did you enjoy this article? Consider supporting College Media Network's mission to support the next generation of journalists. For as little as $2 a month, you can help keep our site ad-free and the future of journalism alive. Go here to donate.

Brandon Walker is a junior finance major at Temple University. He is a committed writer and jazz pianist. Brandon has written for The Temple News and is interested in a career in business and communications. He can be reached at brandon.walker@temple.edu.

Sign up for the Morning Scoop

and wake up with us each day.

CMN Reports

National News18 hours ago

Trump Is Changing the Colors of Air Force One

Because the Kennedy's were not patriotic enough, right?

by , Senior Editor
National News21 hours ago

American University on Lockdown

American University is on lockdown after armed man is reported near campus.

by , American University
Equality2 days ago

10 Black Washington University Students Falsely Accused of Leaving IHOP Without Paying

"The fact that these 10 students, all of whom are African American, were scared and humiliated is unacceptable to us"...

by , American University
Academics3 days ago

Keynote Speakers Highlight Importance of Diversity at College Journalism Workshop

Some important reflections on an important topic.

by , Virginia Commonwealth University
National News4 days ago

Teen Who Urged Boyfriend’s Suicide Through Text Says It Was Free Speech

Apparently, the First Amendment extends to telling your boyfriend to get back into the truck and kill himself.

by , Penn State University
Entertainment6 days ago

Stormy Daniels ‘Set up’ in Police Sting Operations

A juicy piece of the Stormy Daniels saga.

by , Senior Editor
Entertainment7 days ago

Build-A-Bear ‘Pay Your Age’ Deal Ends in Failure

Would you wait in a line for hours, for a $29.00 teddy? Many did, which ended in chaos.

by , CMN Senior Correspondent
Entrepreneurship7 days ago

Papa John’s Founder Resigns After Using Racial Slur

Papa John's is on the search for a new face.

by , U. Alabama Birmingham

Top Reads