Financial turmoil has weakened our confidence as fears of unemployment are confirmed. No matter where you are, the global economic crisis will leave a bite mark on your skin, or worse, will eat you alive!
What Is Unemployment Rate?
The unemployment rate is the percent of the labor force that is jobless. It is a lagging indicator, meaning that it generally rises or falls in the wake of changing economic conditions, rather than anticipating them. When the economy is in poor shape and jobs are scarce, the unemployment rate can be expected to rise. When the economy is growing at a healthy rate and jobs are relatively plentiful, it can be expected to fall.
The official number of unemployed Americans is 10.1 million, according to the Labor Department. That statistic comes from the monthly jobs report that the Labor Department puts out the first Friday of each month, which shows the official unemployment rate at the moment is 6.3 percent.
But there’s another government data source that indicates a much higher number of unemployed. Every Thursday, the Labor Department reports how many people are receiving jobless aid from the government. The latest data indicates 18.3 million people were receiving weekly unemployment payments through Jan. 30. That figure fluctuates a bit week to week, but it has hovered close to 20 million for the past few months. Top White House officials often cite this number when they talk about the economic pain the country is still facing and make the case for another round of aid, including more stimulus payments to individuals.
There’s a big gap between 10 million and nearly 20 million unemployed. It creates a lot of confusion. Both figures have major flaws right now, and experts say 10 million is probably too low and 20 million is too high. Neither figure is an accurate portrayal of how many Americans have been knocked out of jobs in this deadly pandemic, some economists say.
- The unemployment rate is the proportion of the labor force that is not currently employed but could be.
- There are six different ways the unemployment rate is calculated by the Bureau of Labor Statistics using different criteria.
- The most comprehensive statistic reported is called the U-6 rate, but the most widely used and cited is the U-3 rate.
"The unemployment numbers leave out so much,” said Heidi Shierholz, former chief economist at the Labor Department. “Right now, for a host of reasons, the unemployment number is just not capturing all the people that are feeling the coronavirus shock.”
The estimated unemployment level is said to reach 20 million in about two months and government is struggling to prevent the catastrophic consequences this long-lasting global recession will bring. With job losses, business failures, mortgage debts and repossessions starring at us, is losing your current full time job one of your major concerns? And if so, have you thought of a solution?
Once you lose your stable income it may take months or even years to find a substitute, especially when the whole world is drowning in recession. Apart from the obvious economic drama, losing your job can cause extreme philological stress and facts such as “you are not alone” and “20 million others have lost their jobs” won’t heal the bleeding self-esteem. All you will care about is getting another job… any job, really.
Losing your job is extremely depressing. Hunting for job can turn depression into a chronic disease. Your self-worth turns to ashes and you start questioning your capabilities, especially when your family depends on it.
Collection of Unemployment Data
Official U.S. employment statistics are produced by the BLS, an agency within the Department of Labor. Every month the Census Bureau, part of the Department of Commerce, conducts the Current Population Survey using a sample of around 60,000 households, or around 110,000 individuals.
The survey collects data on individuals in these households by race, ethnicity, age, veteran status, and gender, all of which—along with geography—add nuance to the employment data. The sample is rotated so that 75% of the households are constant from month to month and 50% are from year to year. Interviews are conducted in person or by phone.
Before the massive global poverty and social inequality will become even more visible and you start giving your boss begging looks, consider the alternative – foreign exchange (forex). If you start learning it now and practicing forex as a part-time profession, it will create extra cash on a side, for starters and later on might become your full-time job. In case things won’t go as planned at work and you will turn out to be one of the 20 million lay offs, you will already have an alternative and enough knowledge to actually make some money.
Forex is a difficult profession and requires a lot of passion and time but it shouldn’t scare you away. Being under the unemployment spell, you should not close your eyes at any opportunity to earn money. Forex trading might be outside your usual expertise, but the joy of working from home and earning enough money is priceless.
Maybe you wouldn’t have thought about forex trading before, but now it might be your chance to make some changes, to be your own boss and to forget about unemployment issue. Who knows, maybe you are the next currency trading millionaire!
Forex might be outside your field, but if you are serious enough and patient enough, it might surprise you being unexpectedly rewarding in both financial and professional way.
The process of globalization has turned against us. The balance is no longer fair and each of us needs rescuing. The real economy is under fire and the survival challenge is on.
If you find yourself without a full-time job, first thing you have to do is file for unemployment. Of course it isn’t enough to continue a normal living, but it should help at least with the groceries. But before that happens, my advice, don’t just sit there and wait for the lightening to hit you. Brainstorm about other ways to earn money and actually bring salary home. Maybe forex isn’t for you, but it is worth trying.
Why Forex? Main advantages of Forex trading
Working with Forex you have a possibility to choose when and how long you are going to work and when and how long you are going to have a rest, fun, to study or communicate with friends and relatives etc. Your profit depends only on you. It does not depend on your boss or your stuff, your business partners, supplies, terms, goods or services. There is seasonality at Forex but it does not influence your profit. You can choose the appropriate profitable tactics for every time period. You do not spend money on advertisement of your goods or services, you do not look for buyers, you are not obliged to certificate or license your production, and all this brings your overhead and commercial expenses to naught.
You will need a PC or a mobile device (laptop, tablet PC) with the net access for your work. This is all. LiteForex will supply you with special software for free. You can work in your apartment, dealing-room, Internet-cafe, to put it simply, in any place with Internet access. With the help of Internet data card you can choose a comfortable place for your work in any place of the world.
Apart from these there is one more advantage of Forex. Having fix profit on a percentage base (for example, 30% per month) your profit in absolute term will grow with the increase of your capital. Mathematicians proved that having a positive (no matter how small it is) mathematical expectancy of trade strategy, with the help of means of money management it is possible to provide anexponential growth of deposit.