Job Satisfaction Dwindles as U.S. August Job Loss Totals 335,000

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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.<br clear="none" /> <br clear="none" /> 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.<br clear="none" /> <br clear="none" /> 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.<br clear="none" /> <br clear="none" /> "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.<br clear="none" /> <br clear="none" /> 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. <br clear="none" /> <br clear="none" /> 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.<br clear="none" /> <br clear="none" /> 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. <br clear="none" /> <br clear="none" /> "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.