Department of Labor Reports Small Increase in Job Creation
Online, November 21, 2010 (Newswire.com) - A new report issued by the Labor Department in the first week of June indicated that while a total of 431,000 jobs were created during the month of May, many of those were temporary positons related to the 2010 Census and only 41,000, or 9.5 percent came from private sector employment gains. Slightly better news was the Labor Department's report that "continuing claims" - unemployment claims drawn by workers for more than one week dropped by 255,000 workers. The largest increase in unemployment claims occurred in Florida, which saw claims rise due to layoffs in the construction, trade, service, manufacturing and agricultural sectors.
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The crisis in the lending industry over the past several years has resulted in more and more potential borrowers experiencing loan rejections - with younger applicants hit especially hard. Younger workers have been shown to experience high levels of unemployment in the current economic climate.
More and more young people - a sector of the workforce that has been particularly hard hit by high unemployment rates - have been turning to non-traditional lenders for signature loans. Banks, the traditional source of credit have struggled while credit unions, small banks, private money lenders and finance companies have often still had the ability to make signature loans to young people, and often are more flexible in their approval guidelines.
The U.S. Department of Labor reported that the number of U.S. workers filing new claims for unemployment benefits dropped slightly in the first week of June while continuing claims fell to the lowest level in 18 months, indicating that the job market continues to slowly improve. The drop was small - only 0.2%, but fell right in line with analysts' expectations for a slow recovery. Although the rate of new claims dropped slightly in the first week of June, the overall number of unemployment claims is still working to prevent a sustained and strong economic recovery. signature loans - often a traditional way for those experiencing the stress of a temporary layoff are harder and harder to get - often borrowers are struggling when attempting to get signature loans or qualify for other types of credit.
The boost in hiring reduced the overall unemployment rate to 9.7%.
