According to the figures released on Friday, September 6, by the federal Labor Department, US employers added 169,000 jobs in August 2013. This increase has pushed the unemployment rate to 7.3%, but experts remain pessimistic about the economy.
While 169,000 jobs added appears to be good news for American workers, another number – labor force participation – reveals a less rosy picture of the labor market. The labor force participation percentage measures the percentage of people working, or looking for work, as compared to the number of people of working age. That number is currently 63.2% – which constitutes a 35-year low. The low labor force participation number means that part of the drop in the unemployment rate is due to people who gave up looking for work. The Labor Department report shows that there are currently 886,000 people who have given up looking for work.
As in previous months, employers of low-wage, low-productivity workers drove much of the gains in employment in August. Retail and restaurant workers accounted for much of the gain. The average hourly wage of US employees rose by 5 cents to $24.05, while the average work week grew by 0.1 hour to 34.5 hours.
The sluggish labor market, widely considered to be the most important indicator of the health of the American economy and economic security for American workers, may throw a wrench into the plans of the Federal Reserve Bank to decrease the monetary stimulus.
Workers deserve not only a livable wage, but also a safe working environment. If you or a loved one have been injured at work, without fault or due to the negligence of another person, please call our Boston, MA accident injury attorneys, Boston, Massachusetts worker’s compensation lawyers or Boston, Massachusetts wrongful death accident attorneys for a free, confidential consultation at 617-787-3700, 24 hours a day, 7 days a week.
If more convenient for you, you can always send a detailed description of your worker’s compensation benefits claim to our specialist Boston personal injury lawyers, Massachusetts worker’s compensation benefits attorneys and Boston, MA wrongful death lawyers at email@example.com. Your communications to our Boston, MA law firm are always completely confidential.
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