The second quarter of 2023 saw an impressive surge in employment figures, with as many as 660,000 individuals stepping into new jobs, scaling the total workforce to a mammoth 39.7 million. This period evidences blooming job prospects as indicated by the steep rise in full-time employment (covering hours between 35-49 a week). This figure shot up by an astonishing 560,000 relative to the same period the previous year.
Concurrently, the specter of unemployed individuals hanging over the second quarter was seen to loosen its grip- averaging out to around 430,000. This corresponds to a rather minuscule unemployment rate of just 1.1%. It’s applaud-worthy that this rate has shown a consistent downward trajectory since the same duration last year when it stood at 1.4%. Furthermore, it also represents a decrement from the first quarter figures which witnessed an unemployed clan of 420,000.
The Deputy Government Spokesperson, Trisulee Trisaranakul, voiced satisfaction about the labor market panorama, which is illustrative of an upward trend without any looming apprehensions concerning chronic, or long-term, unemployment. The discussed term refers to a dire situation where individuals find themselves bereft of any job opportunities for over an elongated period of a year. Exhibiting a silver lining, the second quarter of this year saw a precipitous decline in these unfortunate figures, falling almost by half to a mere 74,000, when drawn up for comparison with the same window from the last year.
All in all, the air around employment is rife with positivity and hope, teeming with emerging opportunities and dwindling unemployment rates. This gratifying employment outlook bears testament to constructive initiatives and interventions mapping towards a robust future for every job-seeker.
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