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Summary

Many jobs have been added across many sectors in the past month. There was an increase in business/professional service jobs by 38,000. The education and health service sector had the highest levels of growth by adding jobs 47,000 and The smallest increase was in the mining and logging industry as this sector only added 6,000 jobs this month. This isn’t entirely negative news as this sector hasn’t historically added many jobs per month (last month it added 8,000 jobs). The biggest loss in jobs came in the communications sector with a loss of 63,000 jobs. 65% of these job losses were from the telecommunications department. Employment in government agencies also decreased by 9,000. This trend in government jobs has been present since September 2016.

Analysis

Although the economy is growing at a healthy rate there are many positions types of jobs that are hard to fill. According, to the Business Insider, there is a lack of software engineers in the market. There are nearly 14,000 jobs open in this sector of the economy. In addition, there are also not enough systems engineers working in the market. This study claims that nearly 7,000 of these jobs left. Both these types of vacancies point to a certain gap that exists in the American STEM jobs. There are many high-skilled jobs that do not have enough workers in the American market.

Income inequality has been increasing within the United States. Heather Long, a CNN reporter claims that the top 1% earns an average of 1.3 million dollars a year which is three times the amount in the 1980s when the rich only made 428,000 dollars a year. This would be normal if the bottom 50% also had similar increases like this but CNN Reporter Long reports that the American population has earned a stagnant average of 16,000 dollars a year over three decades. In addition, the top 1% of Americans earned over 10% of all U.S. income in the 1970s and today that the top 1% earns around 20% of all U.S. income. This is because of stagnant wages for the bottom. As a result, the rich continue to get richer and the poor have to suffer as the cost of living increases while their wages stay still.


 

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