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Unemployment expected to remain high through Q4, next year

Posted on November 25th, 2013 Read time: 1 minutes

According to a fourth quarter 2013 Survey of Professional Forecasters released by the Federal Reserve Bank of Philadelphia, more jobs will be added over the fourth quarter and into next year than many economists estimated at first. However, the unemployment rate will still remain relatively high.

The report, which includes forecasts from 42 economists, predicts 187,300 jobs will be added on average per month in the fourth quarter. In the third quarter survey, economists had predicted 178,600 jobs per month. The unemployment rate is expected to hover around 7.2 percent each month, down from 7.3 percent predictions in the third quarter report.

Economists also made predictions about the full year of 2014 in this survey. They predicted an addition of 189,900 jobs per month in 2014, and an average unemployment rate for the year of 7.0 percent.

Workers who are seeking jobs and having little luck should consider looking into taking positions as temporary workers. As the economy is still recovering, many businesses find their needs are best met by temporary or contract workers. Hiring people on a contingent basis ensures a company has enough manpower to complete necessary tasks, but not costly obligations that can cause financial damage in case business flounders.

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