We often hear that the unemployment rate is a key indicator for our economy and I believe that it is. However, the unemployment/employment rate is a rather complicated issue. For more insight on the subject click here.
It is an article that explains a little more about what the numbers actually mean and I found it on Twitter from the Wall Street Journal. I have found WSJ to be a great resource over the years on all matters involving business and our economy.
Take into account also that our employment landscape in America has changed. We need to retrain workers and educate students to enter the workforce in the manufacturing world. There are many needs in our country for trained machinists and other technical workers.
So, the unemployment factor is best understood in the context of our potential workforce and their training and expectations. I believe the situation will get better as more companies onshore manufacturing and the trend is more widely known.
In the fluid power world, I have heard of many needs by companies for technical workers. Our NFPA is addressing the issue with a workforce training initiative. We are working on it but it will take time.