Record-Low Unemployment - Free Essay Example

Unemployment in America is reaching new lows which makes the business owners to go out and find candidates with work ethic to work for them. Nationally, according to Smialek and Newkirk, the unemployment rate is expected to drop below 4 percent in the US. This effect will have a big impact on small towns and cities throughout the country as the unemployment rate continue like this at all time. For example, in Portland, Maine, the unemployment rate has reached 1.8 percent which has given perspective employees the ability to be pickier about the jobs that they pursue and has forced companies to get creative with hiring employees. Since the employee industry is getting limited, employers are talking on employees that they generally wouldnt employ. However, some companies are hiring employees on a temporary basis to see if they have the moral ability to handle the job. While other companies are hiring people with paid benefits as well as vacation time included by increasing their wages so that they can keep hold to them and to prevent them from other companies as well as to attract other employees. For example, Smialek states that With more money comes less stress. It helps us recruit and keep quality people.(Paragraph 16). As a result, it has affected the businesses sectors in many ways due to the fact that the businesses bottom line havent been affected too much, but the business operate has. For example in Maine, a business called shipwreck and cargo has been slightly affected due to the low employment rates in which companies have not been able to attract a third employees because they believe in having the right people standing and smiling in front. Due to the lower unemployment, families have more income coming into the household in which families spend most of their money in the stores and to keeping the cost relatively low or the same. This relates to the circular model where we see more money income for the families, which in turn translate to more consumer spending turning into revenue for the businesses. Another results of increased income is more taxes being made by the government. Add in an influx of taxes and interest rates can stay level or be increased slightly to continue growth in the economy. Statistically, as we all know that the United States economic is one of the best in the world and its unemployment rate at low rate carries many positives to the worker. As someone who went through a bad US economy and struggled to find employment in the late 2000rs thereve being surplus of jobs which creates great opportunity for the people. Jobs now have to find ways to stay creative to keep employees by offering higher wages, benefits or even vacation time. I feel that it is importance to keep the employees happy in order keep them productive and working at maximum effort. Being that there are so many option on the market, many workers may feel that if a job isnt offering enough, there is always another opportunity out there which keeps employers on their toes which will benefit to the worker being happy and productive is that the business is also more productive which generate more income. Ultimately, it help the economic boom is great and I hope to see more growth over the years.Work cited Smialek, Jeanna, and Margaret Newkirk. This Is What Record-Low Unemployment Looks Like in America. Bloomberg.com, Bloomberg, 15 Mar. 2018, www.bloomberg.com/news/features/2018-03-15/this-is-what-record-low-unemployment-looks-like-in-america.