We are suffering from number numbness in this country. It seems that every week we are bombarded with another statistic that is vigorously discussed on cable news in an effort to determine what is important and relevant to our country.
Among these statistics it’s the employment number matters most. Why? Because a working America is a growing America.
Friday’s announcement that the country’s unemployment rate hit 8.3 percent in July is startling and disappointing.
Most people employed people see the unemployment report and view it as a spectator sport. But with a drastically weak GDP report, subtle rising inflation, and high unemployment the clear sign that businesses are stagnating is unavoidable. Here is bottom line: The 63.7 percent of those Americans who are working right now ought to be worried.
The 8.3 percent unemployment rate reflects a very weak economy. Anyone who has a job needs to realize that their positions are on soft footing and they could lose them – soon. If you are able to hold onto your job, don't expect any raises or bonuses in the next year.
It is clear that we are either in a recession or about to enter into one. Based on the current business climate and policies under the Obama administration, the employment picture is expected to worsen over the next few quarters with no visibility of improvement anytime soon.
For those of you who are part of the 63.7 percent currently holding down a job, be thankful that you have one. But don't imagine that your job will be as permanent as even a tattoo. If the jobs picture doesn't change soon, that position you have may soon be removed.
Ed Butowsky is an internationally recognized expert in the investment wealth management industry. For more, click here.