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EconomyEmployment2012 April Employment Report: Here comes trouble

2012 April Employment Report: Here comes trouble

The April jobs report shows the U.S. economy is weak.

Employment increased in professional and business services, retail trade, and health care, but declined in transportation and warehousing.

Teenagers continue to be the hardest hit, with an unemployment rate of 24.9 percent. Hispanics and blacks continue to have a higher rate than whites.

But behind the low numbers is a decrease in unemployment rate from 8.2% to 8.1%. Why? Some people have become discouraged and given up. They are no longer counted in that published rate.

And so the cycle of the new normal proceeds. Large businesses maintain high profits while select people remain without a job.

What are the major challenges? Housing took its toll on many people as the only savings disappeared. As these consumers cut spending, businesses cut back employees. The lack of regulations are also taking its toll on the consumer. Years of allowing banks to gamble with people’s savings continues unregulated – and will most likely continue. Finally, just as consumers were spending again – gas prices increased.

How are you handling the new normal economy? Stop using credit cards, get loans repaid, and always use cash.

The May report is due June 1, 2012 at 8:30 am (EDT)

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