As we are all too painfully aware, most of the economic news we have been hearing recently has been unrelentingly negative. This is especially true of the unemployment data that seems to get reported on unceasingly. Despite all this doom and gloom, data was released in the past few weeks that is fairly positive.
Last week when it was announced that only 54,000 jobs had been added in May, based on the press coverage, you would have thought that the news indicated that the re-adjust our perspective on this recovery. This was abundantly clear last week as the pundits and pollsters were rabid about how bad the jobs news was.was headed off a cliff! In our June 6th article we talked about the fact that we all need to
Here is the perspective we need: This was the worst recession in modern history, certainly the worst since the Great Depression in the 1930s. This recession lasted 70 percent LONGER than the historical average. Because of this, you can safely assume that this recovery will take at least 70 percent longer or more for full recovery. And, as with all historic recoveries, none of the data will show a continuous straight line of improvement.
Recoveries occur in a “hiccup” fashion. We will have two to three months of good data followed by a month or two of bad data. This is how it always works. So we allowed ourselves too much enthusiasm when the jobs data for February through April of this year was very positive. This caused national angst when the May numbers were announced where only 54,000 jobs were added. Again, let’s keep this in perspective. [Read more…]
Labor Department statistics have shown that unemployment has steadily risen over the past 12 months. Though we could have very well bottomed out, 2011 will still have a respectable percentage of American workers seeking unemployment benefits.
For the family owned business, this could mean an increased number of disputes and hearings with your state workforce commission. The following are three tips for minimizing the pain and potential chargebacks associated with this aspect of being an employer.