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The Unemployment is at 3.7% for January(2024)!
Now that isn’t bad for the economy if this was actually true. I know that there are even more people searching for a job than you can imagine. Is the unemployment rate wrong? I suspect it is way higher than what the US government knows about due to the fact that most of the jobs that people got let go from were less than 6 months contracts or some probably even have money in their account to survive for a while unemployed. I am one of those who have enough money right now to have 3 or 4 months off and not have to worry about anything. I don’t have any major debt and I have no loans out that would be cause for me to have to make payments on those things. So the real question we need to ask is what is correct percentage of people who are unemployed. I think it would be more like 5 to 6% right now if everyone would file for unemployment. I think some worry that if the unemployment rate goes to high then it will cause problems in finding a job even more.
Understanding the Unemployment Rate
It can be quite difficult to figure out what the unemployment rate is actually but I do think we have to at least consider that it’s higher than we thought it is and we may be in a form of recession / Depression scenario. I saw a video that I’ll share with you and you can see how this might be viable to what is happening now. I encourage to watch all of it and decide for yourselves if this is even a possibility. I however know that the ones I have talked to have not filled unemployed for one reason or another.
Now after watching this video, I am sure you have some questions that you might want to ask. One of the obvious questions I came up with myself is this relevant to what is happening now. I would say yes it is due to the fact that I am seeing this more and more the last few weeks with people struggling to keep a job and applying to jobs in general. We aren’t going to get out of this real quickly and I even think we will have more aggressive layoffs in the future just by looking at the spike of layoffs we’ve already had in the January.
Since most companies only worry about Quarterly earnings the next quarter starts in April and as such it would seem that companies will downsize even more either March or April. It would be a good guess that it would be likely in April after the earnings report for each company is looked at and examined by the stock holders and CEO. They will execute a decision to layoff more people to keep the projected earnings reports from impacting their bottom dollar. It will also keep the stock holders happy that they don’t see any layoffs that month before hand. It doesn’t look good to the stock when layoffs happen right when the earnings report becomes available to them.
Unemployed people are just burned out!
The reason why the unemployment numbers a re wrong is that most of those who have been trying to find a job ever since they have been laid off is they are just burned out and are tired of getting those rejection letters and companies that say they are hiring but looks to just be phishing for the right person and not really looking to hire people that could fill the spot they are advertising about. So that being said, they haven’t even filed for unemployment and that is why you haven’t seen the unemployment rate getting higher and people thinking we aren’t in a recession or even a Depression due to that the Government doesn’t know they are looking for a job. I know that most of the people want a job but they either pivoted to work where ever they can or created other ways to earn income right now without having to file for unemployment benefits. I would bet they either took part time jobs or they have other ways to bring in the money to help them survive.
Did you apply for unemployment or did you find ways to bring in income without having to work at an office job for the time? why not leave a comment and let people know what you’ve done to keep bringing money in so you can let others know how they can earn money even in this trying time.
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