More bleak numbers on the nation’s unemployment status were released today by TrimTabs Investment Research. According to the independent research service, the U.S. was down 335,000 jobs in August, a number well over the total 225,000 consensus estimate.
An estimated 5.9 million jobs were lost within the last 12 months, contributing to large declines in savings and wages. Wages are down 4.1 percent year-over-year, according to the U.S. Treasury’s daily deposits. Bank savings, small-denomination certificates of deposit, and retail money market funds saw a record $94.6 billion decline over the last three months.
The company stated that challenges to economic recovery could be attributed to widespread default on mortgages, as well as credit cards and commercial real estate and industrial loans.
"While many investors are convinced the recession is over, real-time indicators show the economy has not yet bottomed, let alone started to recover," said Charles Biderman, CEO of TrimTabs, in a statement.
The poor unemployment outlooks have done little to raise workers’ spirits, according to a separate survey from Adecco Group North America. Sixty-six percent of American employees reported dissatisfaction with their current compensation levels and 68 percent are not satisfied with their company’s contributions to retirement plans.
Over half (59 percent) of employees reported feeling a lack of support from their colleagues and 48 percent were unhappy with their current boss-employee relationship. Seventy-six percent felt their company lacked substantial career growth opportunities.
Bernadette Kenny, chief career officer for Adecco Group North America, said in a release that companies need to remember that career development is a mutual responsibility for those looking to keep their top employees.
"What workers are telling us is that even during a recession, just having a job does not equate to job satisfaction. Employers need to be conscious of the concerns their staff is managing through on a daily basis and proactively come up with the appropriate solutions to improve retention and reduce the current and future high cost of turnover," said Kenny.