Dow Jones Industrial Average increased by 44 points or 0.4%. S&P 500 index also gained 0.6 % by climbing 7 points. And NASDAQ added 0.9% or 20 points.

The major reason of rise was surprising improvement in private sector payroll statistics. People are now awaiting a major report to be released by Labor Department on Friday. Besides, the industry report says there has been growth in the service sector for the seventh month in a row now.

The pace of employment and recovery is modest. However, we are sure of one thing: at least the pace is being maintained.

Corporate companies have been showing a decent profit for two months, and it is helping the economy to relocate its position to a better place. However, weak job market is still a concern. If not improvement is seen in employment rate, the consumer confidence level would fall and recovery would be severely hurt.

Chief Market Strategist of Miller Taback & Co, Peter Boockvar says the economy is not collapsing, but it’s not growing with acceptable pace either.

Investors will have a better view of the picture when government will release another job data report before market opening hours on Thursday. The report will also talk about employment trend in retail sector, which will certainly affect retail stocks in days to come.

There was an increase of 42,000 jobs in private sector companies in the month of June. However, the market is far from being stable as many companies still continue to lay off people in order to recover from the loss. Besides, there have been planned job cuts in public and non-profit sectors as well.

Overall, there has been a sharp cut in payroll this year, and the unemployment rate has ticked up a bit, which is certainly not a good sign for the country.

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But the daunting trend seems to continue. Wells Fargo is about to cut 3,800 jobs and close down 638 stores in the financial division; the company announced on Wednesday. In fact, if this happens, the company may close down its consumer finance division, which offered non-prime loans to homebuyers.

They will downsize around 2,800 employees in next couple of months, and the other 1,000 jobs would be cut within next 12 months.

The need for separate financial division was eliminated when the company merged with Wachovia in 2008. However, they aren’t doing too well since they have had their own division.

The President of Well Fargo Financial, David Kvamme, says ‘the economics of Wells Fargo Financial channel is no longer reliable’.

Restructuring will cost the company around $185 million. Around $137 million of the total cost will appear in the second quarter of 2010, for severance. Other charges will show up in the subsequent quarter.

Although 3,800 job cut wouldn’t increase the unemployment rate substantially. But we are not sure whether it’s only this company or it’s a beginning of another meltdown.

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• Having workplace with safety and security
• Having a prepared and competitive workforce
• The walls of economic protection should be strengthened
  

Their focus on having secure and safe workplace means ensuring the labors and employees are provided with proper wages, safety measures, equal opportunities to each of them, clean work environment, and all legal rights.

The US Department of Labor is quite large. It has around 27 divisions with their respective rights and functions. Last year, they added over 300 field investigators under American Recovery and Reinvestment Act, we can now expect more business audits.

These audits are conducted when an employee files a case against his employer, irrespective of the current employment status of the employee. As soon as they receive such a complaint, they target the entire industry. Majority of such complaints, however, are from industries like agriculture, garment industry, day care, health care, janitorial services, hotel industry, and so on. The payments are generally low in these industries, and majority of workers are immigrants.

There are various issues on which a conflict arises, some of the common one audited regularly by DOL and its divisions are:

• Independent Contractor Status
• Violation of Child Labor Act
• Violation of Minimum Wages Act
• Categorizing an employee as exempt
• Issues concerning overtime payment
• Unexplained reduction of wages
• Violation of Family and Medical Leave Act
• Issues regarding fair pay
• Non payment of retirement benefits
• Issues regarding other wages like incentives, bonus, compensation, etc.

Apart from US Department of Labor, many states in the country has separate department to deal with such issues. California, for instance, has Division of Labor Standards Enforcement. They can audit any business in California independently, without any intervention from US Department of Labor.

If there is a DOL audit in your firm, an authorized official will visit your company and interview the desired employees and the employer. He will check safety measures and precautions taken by your company to safeguard your employees. He would possibly review last 3 years payment history and check if people were paid on time without any issue. Hence, it’s quite important for you, as an employer, to have all the payment records.

If you had any conflicts with an employee regarding payment or employment, or if you think your payment records are not up to the mark, hire an attorney and get things in proper shape. It would definitely be a bit expensive. It would, however, be lot more expensive if your employee files a lawsuit against you.

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Improvement in an economy is marked by two important things – employment and output, which are moving not quite as required, but yes, they are positive. Experts argue, these two factors too are cannot determine the improvement in the economy. During the recovery phase back in Nov 2001, the output trend performed much better than employment curve. If people would have depended on employment data, recession would have lasted till Nov 2004. But if you have looked at the GDP then, you would wonder if there was any recession at all.

This time, however, the dilemma is not so intricate. GDP has risen and so has the economy rate (though a bit), which can be a strong indicator of a recovery. The reason it always lags behind is because companies hire employees only after they are sure the recession is over. Nevertheless, the lag is not long this year.

Our job market started showing positive signs by June 2009. Though it wasn’t steady since then, it can be said that the improvement this month is drastic and here to stay. I can say this confidently because recovery means increasing economic activity, and not economic activity at its peak.

Meanwhile, the GDP is increasing steadily. Though there are some errors in the statistics, it’s positive. Statistical errors? Yes, the total income for the year should equal the total production of the country. There is, however, a large gap with less production and more income. Let’s hope there isn’t any such gap in the recent employment data.

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In fact experts believe that after the advent of computers and internet, clean technology jobs will be the next big thing in this era and renewable energy, environmentally-friendly building and manufacturing including all aspects of energy efficiency will end up being the greatest source of wealth and job creation. The numbers definitely look interesting. So what exactly are green jobs? Which are those sectors which will create green jobs. Let us try to understand the structure of this fast growing job segment.

Green Job sectors

Around 65% of the green jobs are in the conservation and pollution mitigation sector which includes recycling, conserving water, and reducing greenhouse gases. Scientists who work on making products that treat pollutants and those who are involved in removing dangerous materials from industrial sites are also included in this sector.

Job titles

So what kind of job titles qualify as green jobs. You could be a smart grid engineer who uses digital technology to create a faster network for electricity. A grid engineer typically earns anywhere between $50,000 to $100,000 a year depending on experience and qualification. It is a highly technical job for which you would need at least a bachelor’s degree in engineering to get a job.

Another job title that comes to my mind is a green architect or builder who specialises in designing and constructing buildings that use sustainable materials or renewable energy sources. A green architect may earn anywhere between $50,000 to $105,000 a year and a green builder may earn between $10 to $30 an hour. Again these are specialised fields for which you would need LEEDS accreditation or other green certification from your city or National Association of Home Builders.

Another green job which is in high demand is Energy auditors. If president Obama’s cash for claunker program kicks in then this skill set will be in great demand. Energy auditors conduct surveys of buildings and homes to determine how energy efficient they are and then suggest ways to make them more energy efficient. Again to be an energy auditor you would need certifications from a recognised institute. Energy auditors are normally paid by the number of hours they work and can make $12 to $14 an hour.

Educational qualification and Training

At the outset this segment of job market looks highly technical for which you will need training and advance degree. However this is true only if you are looking for high end jobs in this field. In fact green jobs present plenty of employment opportunities to people with lower income and not so skilled work force. As per estimates by the Political Economy Research Institute an estimated 870,000 jobs of the 1.7 million new jobs that are expected to be created will be available to people with high school degrees or less.

Where are these green jobs

The Clean Edge study came up with a list of 15 metropolitan areas that are the expected to be the main centres of green jobs growth. This ranking is based on the number of existing green jobs, the current amount of green investment and growth projection of green technology employers. The top 15 places in US for green jobs in the order of ranking are San Francisco, Los Angeles ,New York, Boston, Washington, Denver, Seattle, Portland, Chicago, Sacramento, San Diego, Austin, Phoenix, Detroit and Houston.

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For many of us our professional life is an integral part of our identity and existence. A simple manifestation of this is when we meet people for the first time we tell them what we do and where we work. Working gives a meaning to life and for some people even a reason to live. After retirement many people lose the purpose of living and they feel they are useless to the society. They lose the tempo to get up in the morning and do something effective. According to a recent Sun Life Financial and Interviewing Service of America survey on the reason to continue working after 67, 84% of the people surveyed feel that it is for money but a huge 81% also feel that it is for staying active mentally and 65% feel that they work because they enjoy working.

Your social life

Social life for many of us is at work be it attending office parties or having lunch with colleagues. After retirement one tends to miss this social life particularly if your social circle is just your office colleagues. Retirement is considered by many as a void in their life because their whole existence was defined by their job. To meet up or socialise with those people who till now were so close at office becomes very difficult.

Health insurance

For most of us health care is taken care by our offices. If you retire before 65 you have an additional worry of paying for expensive health care particularly if you are not covered due to a pre-existing condition. Health care is day by day becoming expensive. As per estimates by the Employee Benefit Research Institute one needs to have $210,000 to cover 50% of your and your spouse’s health expenses. This estimate is after the couple is eligible for Medicare Part B medical insurance, Part D prescription drug coverage, and a Medigap policy. Evaluate this against a zero cost of health borne by you when you are working.

Job perks and other benefits

In addition to money there are various other types of job perks that one gets while in employment. These perks include subsidized travel, free shopping coupons, discounts at certain stores, club membership and many more. After retirement paying for all these which till now you were getting for free is a big drain on your pocket.

Savings

The most important rule is to consider retiring only when you feel confident of your savings. If you haven’t saved enough then it is best to postpone the decision to retire. As per estimates what you will get from your retirement accounts will be enough to pay for only 20 to 30 years of your retired life given that you don’t have an additional source of income. By working for those few more years you would be able to save more and also decrease the number of retired years.

In conclusions like all other financial decisions deciding on the age to retire is one big decision which can not only impact the course of your future life but also that of your family members. Never ever take this decision emotionally. If your health permits then it is best to delay retirement as long as possible. Lastly if you have decided to retire then live these golden years of your life to the fullest.

Read more at: Factors To Consider Before Retirement- Part I

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Getting a job again

Before taking that big decision to retire please consider the fact that once you have left the job it would be almost impossible to get another employment again particularly in the current bleak economic scenario where jobs are scarce. So we suggest that if you are retiring from your current job with the hope of getting reemployed then please rethink about your decision. In  the current economic scenario it is almost impossible to get a new job.

The biggest wealth your health

Experts feel that working by keeping you busy and fit keeps you in good health. As per the findings reported in the October issue of the Journal of Occupational Health Psychology people who work part time in retirement report fewer major diseases and are in a better health than people who don’t work. What is important is to be in some activity that keeps one buys be it a job or some hobby and have a routine in place. The physical and mental activities and social contact you have at work goes a long way in keeping you healthy.

Deferred Taxes

After retirement you can withdraw from 401(K) without paying penalty at the age of 55 and from IRA at the age of 59. However on the amount withdrawn income tax is applicable. By delaying withdrawal from retirement account one can buy more time to compound, tax deferred. Until the age of 70 once can defer minimum withdrawals from most retirement accounts.

Higher Social Security amount

Though you are eligible for social security from the age of 62, if you opt for it at this age then your amount is reduced by 25 to 35 percent. Between the ages of 62 and 70 for every year you delay taking up for Social Security the amount is increased by 7 to 8 percent. Also the amount that will be paid to you is finally determined by the 35 most earning years of your work life. By delaying your retirement and hence social security withdrawal you can add up to the social security amount and take a bigger check when needed.

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Mathematicians find jobs in many fields ranging from risk management in banks and financial firms, in engineering firms and in budget analysis. Majority of mathematicians however take up teaching which as discussed in the earlier sector is considered to be one of the best jobs in terms of job security, benefits and work/life balance.  This skill set is in great demand and there are abundant openings. Also the profession ranks high in terms of low stress and good salary (median annual pay is $62,804).

Demand for this skill set is there in almost all industries. Mathematicians can also find openings in many industries like video-game development and health care or fit in the role of statistical analysts for companies. Almost all sorts of government agencies and the military need mathematicians. Also this is one skill set where the supply is not enough to meet the demand with the number of graduating math majors declining. Also the visas for immigrant mathematicians have been made more difficult to get which has further contributed to limiting the number of people with this skill set. Overall there is great demand for this skill set.

Government Manager

In the current economic scenario the role of government is growing day by day. There is an increasing demand for government managers with the Obama government rescuing troubled private enterprises like banks and automakers by providing stimulus money. To manage these bailouts and takeovers and to enact new rules and regulations there is a growing need of managers. Managers are also required in areas like human resources and public affairs. The pay starts with an average of around $50,000 annually though it varies a lot by department and can go significantly higher.

Not to forget that the traditional job security and perks of a government job makes it all the more attractive. The nature of work as a government manager in recent times has changed for the better and is much more interesting. With increased communication with the private sector one can build new skill set and connections that will help later to move to the private sector if required. Plus there are unmatched benefits of government job like job security, retirement and health-care plan, a flexible schedule, paid vacation and long-term insurance.

In conclusion we would say that times are really hard and as individuals we have to adapt to these changing times to survive. True the traditional jobs which were at once much sought after like the banking are in danger. On the positive side we feel that this is the right time to invest in yourself. If you are out of job use this time to say add degrees to your bio data or consider a career switch or maybe open a small business. The Darwin’s theory truly works in the current environment. Only the fittest who is willing to adapt will survive these tough times.

Read more at: Changing Job Environment- 10 Best Jobs For The Recession And After- Part IV

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This is another profession which is in focus thanks to an aging population and the increasing attention being given to obesity and other diseases resulting from poor diet and no exercise. There are a wide variety of employment options in this field. One can work full time at a hospital, school or community centre or just do private practice. This is also one of the least stressful profession. The pay packet typically starts with $50,000 a year and up.

First timers to health-care field will need a formal four-year degree in nutrition to get a decent job. Though it is a fairly new field most universities with a health-care curriculum offer such a degree. For people who have been in the health care industry for some time say a nurse or a technician can find work as a nutritionist with very little amount of coursework.

Physical Therapist

Again a profession which will only increase in demand thanks to an aging population. Physical therapists can find jobs in hospitals, private clinics, health clubs, military and other places. One requires a two-year degree and state certification to qualify for this job. There are lot of institutions that offer such certification. By nature the job is quite tough and hence not advisable for older workers looking for a career change. The overall average salary is around $66,000 while starters can bargain a salary of around $45,000. Those with advanced degrees can command a better pay. The job also provides flexibility in terms of working from home or working for small clinics and thus scores high in terms of work/life balance.

Teacher

Considered to be one of the most noble profession this line of work also scores high in terms of job security, benefits and work life balance. For a college professor the median salary is approximately $56,674 plus you have the summer , spring  and winter break and to add to it the low-stress life on campus.

After retirement also there is plenty of work in this field. Many local school districts hire retired teachers as consultant or on a part-time basis. Or with no investment retired teachers can start coaching classes at home. Though the state budget cuts recently have dampened the demand for teachers to some extent, but overall there continues to be high demand for teachers. In particular maths and science teachers are in great demand.

To become a teacher if you already have a four-year degree, all you need is certification which will take you just over a year. In some states you can even start teaching with a bachelor’s degree while you work on certification.

Read more at: Changing Job Environment- 10 Best Jobs For The Recession And After- Part III

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Recession does not mean that there is a recession for crime which continues to be quite high. Yes there has been decline in hiring however hiring is expected to pick up soon. There are plenty of opportunities for candidates particularly for those with a four-year degree. At state and federal level the competition is a little tough. No doubt the job is dangerous but then the enforcement is in your hand. The job has no competition in terms of job security and benefits. A police officer in San Francisco can start with a salary of between $78,000 and $104,000 a year and is eligible to retire at age of 50 with a pension equal to 90% of a final year’s pay. Add to this are benefits like  health insurance and retirement plans which are definitely top notch in comparison to other jobs. For people who have served in the military, there are additional benefits, like counting your years in the military as years with the department for purposes of retirement and pension.

IT systems

To start with this is one of those jobs that is considered to be for geeks. Another problem with this profession is the high level of stress and not so great work life balance. But then evaluate these against a median salary of around $75,000. There are other benefits also like with a 24/7 job one has to work in shifts that will give you flexibility to choose your hours. Also you may have the flexibility to work from home. As per data from the Bureau of Labour Statistics this is expected to be one of the fastest growing and most secure occupations in the near future.

In a weak economy systems people in particular are in demand as companies spend on technology to beat the competition. In recent years some of these jobs have been outsourced however critical jobs that involves working on hardware and software are difficult to outsource. These jobs requires a specific skill set and you need to have a degree in computer sciences to qualify for these jobs.

Nurse

With an aging population and an increasing number of older people to be taken care of this is one profession which will never be out of demand. As per estimates there are expected to be thousands new openings for registered-nurse mainly due to the need to replace the existing experienced nurses many of whom are retiring in the next few years. The profession also ranks highly in terms of salary and working environment with the median salary of approximately $56,242.

For newcomers to this profession training and medical qualification is really important. One can be trained to be a nurse by undergoing a course of two years. There is a good demand also for Medical assistants and technicians operating X-ray machines and performing other functions.  The job though is less paying in comparison to nurse and require only a two-year degree or just an on-the-job training. However those with a four-year degree may get a better paying job.

Read more at: Changing Job Environment- 10 Best Jobs For The Recession And After- Part II

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