HIRE ACT: 4.5 Million New Jobs Since March

by J John Swanko

7/14/2010 (People Port) New Treasury report shows businesses have hired an estimated 4.5 million new workers since March. Those firms hiring, are eligible to receive a projected $8.5 billion in HIRE Act tax exemptions and credits for hiring unemployed Americans.

The Treasury used the Current Population Survey (CPS) as the basis for their report. From the data collected from 50,000 monthly housing units demonstrated since March and threw May this year, 4.5 million unemployed workers found jobs. Those workers were unemployed eight weeks or longer.

While the cost to our Treasury was only $8.5 billion, a fraction of the safety nets. This program was roundly lampooned when it was rolled out. In the Treasury's example, Parkdale Mills, a North Carolina, yarn manufacturer, recently reopened a plant in Sanford and has already hired more than 30 workers a number that will likely grow as they continue to add more workers.

The HIRE Act targets the long term unemployed. The demographics of new hires are skewed to mirror the unemployed population. The numbers are raw, not seasonally adjusted.


Note:

This article grew from one trying to explain the sudden, unexpected, drop in the unemployment rate.

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