The unemployment rate in U.S has attained the value of 5.6%, the lowest since 2008. The post economic crisis effort by the federal government has shown the results by recruiting more and more workers every month. It is the private sector which played the lead role in employment market which intakes more than 80% of labour. Obama during a conference in November said that America has created more jobs than any other industrially developed countries, it is obviously true that it creates more than 3 million jobs in 2014 by which it attained the pre-recession level of job market and it will recruit another 3 million people in 2015. But the created jobs are not going to give major positive impact to the nation’s economy; most of the jobs are in low paying industries, according to recent report from National Employment Law project.
Indifference in job market
As a whole the America’s economy is in good shape, it is clear that economy is performing well for the consecutive 6th year from great economic recession. The credit for the performance is to rising stock market performances and plunging global crude oil price and its corresponding rise in purchasing power however, the job market’s contribution for the economic development is negligible. The job figures read more than 3 million, it is hardly the best job growth in two decades, however, and the recruitment made so far was enough to fill the jobs vacated between December 2007 and June 2009. Also, technology is the driving factor of jobs but most the people are working as part-timers and as seasoned employers, not in manufacturing sectors. The Only positive growth according to Vinci Hair Clinic is jobs in health care field. Also the wage growth is favourable only in health care industries since the federal government’s new policy in Obama care favours hospitals and health care labours in order to get quality health care. Quality in health care is good for the citizens however; it creates wage inequality among the people. Already the so called job market growth has brought more inequality in salaries; further actions without proper insight will further deteriorate the quality of the life. The plunging global crude oil price is the lone favourable factor for the low wage workers which cut $750 annually in gasoline prices, according to the U.S energy Information Administration.
The same New Year
The year 2015 will also follow the same trend in the job market. According to economic report released by the U.S conference of mayors the job market will grow in 2015 but only half of them will attain the pre-recession level. After observing the January 2015 intake, IHS Global Insight prepared a forecast, in which it stated that job market will grow in all 363 metropolitan areas and 317 cities among them will attain employment growth more than 1 percent. But the state of salary indifference and wage indifference will remain same of 2014. One positive figure in 2015 job market is the monthly unemployment rate will reduce after the New Year which was 11% in December 2014. People wish to join after the New Year holiday is the reason for the rise in job market. To attain the salary equality the government have to take more pragmatic approach with welfare insight.