Throughout the month of March jobs growth was on the rise and jobs were being created amounting to an impressive figure of 75,000 new jobs. Unfortunately, in the month of April, only 40,000 new jobs were created.
The decrease in this figure is significant because it reflects the recovery of the faltering US economy. The most basic building blocks of the US economy are jobs. And the statistic to measure the health of this building block is unemployment rate. The higher the rate, the more people are in distress.
So naturally, the government wants to do everything it can to decrease the unemployment rate by offering assistance and incentives, but governmental intervention is limited. There is only so much that officials can do.
And so, at the beginning of May, the unemployment rate is at 8.2% according to Reuters.
What does this mean to the average citizen?
Whether or not you have a job, the unemployment has certain implications that affect everyone. Fewer jobs mean less money in circulation. Less money in circulation means that federally regulated institutions such as banks have less money to lend.
But people have emergencies and need money unexpectedly at times. There are, fortunately, other alternatives to banks for loans.
Payday loans are a quick way to get a reasonable amount of money without the long term implications of an ordinary bank loan. And because payday loan companies do not receive their money from the government, the status of the economy has a far smaller impact on payday loan lenders.