Before we dive in let’s first understand the basics. Now, what is the job market? Well in simple terms, the job market is the market in which employers search for employees and employees search for jobs. The job market is also directly related to unemployment. The higher the unemployment rate, the greater the supply of labor in the overall job market. When employers have a larger pool of applicants to choose from, they can be pickier or force down wages. As the unemployment rate drops employers are forced to compete more heavily for available workers, which has the effect of increasing wages. During the past months, we have seen a steady rise in the job market under the Trump administration. This includes the generating of new jobs which would then affect unemployment rates. Other analysts suggest that this could be one of the great effects from his pull out from the Iran nuclear deal where the P5+1 namely China, France, Russia, the United Kingdom, and the United States; plus Germany will not impose new sanctions on Iran and will remove existing sanctions on Oil, precious metals, auto parts and petrochemical products. And therefore, President Donald Trump’s decision of leaving the deal must have affected the job market as well.
Now let us talk about the job market and other industries that have been affected as well.
The job market and job growth
Job growth is the figure measure by the bureau of labor and statistics to gauge how many jobs have been created on a monthly basis. The bureau determines this through a survey or a number of surveys and the results are then published every month. Jobs growth data can be found in many places since it is such a popular test of the nation’s economic well-being. The data is available on the Bureau of Labor Statistics website, as well as in the Employment Situation Summary issued by the Bureau of Labor Statistics each month. This will gauge how well a nation is doing. A job growth figure between 100,000 and 150,000 new jobs per month is considered to be the minimum level of job growth needed to mitigate the effects of new entrants to the workforce.
Oil and the job market
Oil plays an important role in many businesses, specifically that of the costs of other production and manufacturing across the United States. For example, there is a direct relationship between the cost of gasoline or fuel prices in the transportation of goods and people. When Trump pulled out of the Iran nuclear deal, this also meant the loss of 500k barrels of oil due to the cancelation of trade with the said country. Now, oil companies would then have to search for new oil deposits to recover from its losses and meet the rising demand for oil. So the generation of new companies and expansion of existing companies also started the pulse for new job opportunities.
Increase in the job market
Besides that of oil and gas, other industries are also on the rise as well. This perhaps was caused by trump’s other economic decisions for the country. The demand for workers in the construction industry has grown to 6% and the mining and logging industry is on the rise as well with an amazing 13.5% due to Trump’s decisions as president with other industries also continue to increase.
Conclusion
The job market has been growing to heights the country has not seen before in years. With many industries growing, increase in employment is sure to follow with jobs already at a 4.6 increase in general since trump’s election. Job growth is still expected to rise in the upcoming years, and hopefully, this will allow more room for growth in the economy as well as other sectors in the market.
First published here: http://j.mp/2AvGsim
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