Tax season is usually filled with stressful work days and sleepless nights. But as the pandemic lingers, it’s making the 2023 tax season more complicated.
For many teams, this means hoping to endure more pressure and longer days. But some teams figured out a way to get everything done accurately and on time—and still have work/life balance.
Along with the usual struggle with managing burnout and keeping updated with the latest tax codes, accounting professionals and leaders are also wrestling with new concerns such as:
- How will team members cope with returning back to the office amid ongoing pandemic fears?
- How will the IRS backlog from 2021 affect this year’s returns?
- If the Building Back Better Act passes last-minute, how can the team pivot fast enough to remain compliant with the new tax code changes?
In the best of times, handling a typical filing season may feel like trying to put out a raging house fire one cup of water at a time. It simply may be too much work for any team to handle without burning them out.
Some teams are fortunate enough to get seasonal help. But finding your own talent in a tight labor market, squeezed further by The Great Resignation, is taking more time and effort than many leaders can afford.
You could ask staffing agencies for help, but they’re struggling to fill job orders too. It’s not surprising, as they’re visiting the same overutilized talent pools businesses go to.
But there’s still hope.
Find the ideal talent within 3 days
Hiring and working with independent professionals is like a typical engagement process. You can engage a:
- Tax Consultant for help with maintaining tax compliance and determining audit risk, preparing and reviewing tax returns, and creating financial plans.
- Bookkeeper for help with cleaning up accounts, researching and gathering documents, preparing budgets, processing transactions, entering data, assisting with audits and tax compliance.
- Accountant for help with preparing tax forms, providing tax planning advice, identifying all deductions and credits, and ensuring you’re compliant with the latest tax codes.
- Financial Analyst for help creating financial reports, analyzing data, creating financial schedules, reviewing costs, and preparing monthly financial statements.
- Interim CFO for help navigating the business through a financial change, aid in systems implementation/integration, and guide the business through a merger/acquisition.
- Fractional CFO for consulting businesses during a growth stage, setting up accounting systems that can scale with the business, analyzing financial performance, building cash-flow models, and advising on capital-market investments.
The world is full of highly skilled finance and accounting professionals, but most of them may not be working in your neighborhood. However, they can still work with you—if you’re open to working with them remotely.
By being open to remote work, you immediately increase your talent pool from your city, to the entire country, and as far out as the globe.
This article originally appeared on Upwork.com Resource Center (Upwork is a company that helps businesses find talent and people find work) and was syndicated by MediaFeed.org.
More from MediaFeed:
50 US cities with the highest unemployment rates
The national unemployment rate in July 2023 was 3.5%, virtually unchanged over the previous three months, demonstrating that the tightest labor market in decades is showing no signs of loosening. In fact, the national unemployment rate has been under 4% since December 2022.
Among the cities with the lowest unemployment in the country, two on our list were tied for the lowest. Sioux Falls, South Dakota, and Des Moines, Iowa, each showed a jobless rate of 1.4%.
Nevada had the highest unemployment rate among all states at 5.3%. Arizona, Idaho, and Wisconsin had the only over-the-month increases (+0.1 percentage point each).
The number of people unemployed stood at 5.8 million, also little changed over the month. Of these, 667,000, or 11.4%, were on a temporary layoff from their job in July 2023. This was down from 842,000, or 14% of all unemployed persons, a month earlier.
Unemployment rates were lower than the prior month in 7 states, higher in 3 states, and stable in 40 states and the District of Columbia. Compared to a year earlier, 23 states had jobless rate decreases, 5 states and the District had increases, and 22 states had little change, according to the Bureau of Labor Statistics (BLS), which gathers job data. In July, seven states had over-the-month unemployment rate decreases, the largest of which was in Pennsylvania, followed by Louisiana, Maryland, Virginia, and Washington.
Moreover, record low unemployment has been achieved for African Americans, Hispanic Americans, and people with disabilities — and a 70-year jobless low for women. Employment continued to “trend up” in professional and business services, health care, leisure and hospitality, and social assistance.
A very low level of unemployment sounds like great news for American workers but it presents challenges too. Economists say that inflation cannot ease significantly while unemployment is this low. For small businesses, the problem can be really acute. Not only is it hard to fill job openings, but salary pressure is intense and if there aren’t enough skilled workers, the business stagnates or slumps.
Dean Mitchell/istockphoto
In this story, we are taking a look at unemployment rate by city to get a feel for the job landscape across America. Using Bureau of Labor Statistics data, we have created a list that ranks the jobless statistics for the 50 cities that show the largest populations within their respective states.
On our list, the city with the highest unemployment was Las Vegas, Nevada, at 6.1%. Rounding out the top three when it comes to joblessness were Los Angeles, California, and Houston, Texas. Within this list, many fascinating — and even contradictory — trends are revealed that have bearing on small business owners.
nensuria/istockphoto
In July 2023, the labor force participation rate for people age 16 and older was 62.6% for the fifth consecutive month Why doesn’t that align with a 3.5% unemployment average?
The Bureau of Labor Statistics, which falls under the Department of Labor, measures labor market activity, working conditions, price changes, and productivity in the U.S. economy. The unemployment rate for any area is the number of area residents without a job and looking for work divided by the total number of area residents in the labor force.
In other words, the unemployment rate represents the number of unemployed people as a percentage of the labor force (the labor force is the sum of the employed and unemployed).
The key factor is the BLS unemployment rate will not tell you how many people have taken themselves out of the workforce, perhaps becoming so discouraged in their job search that they have given up hope of finding a job. The number of long-term unemployed (those jobless for 27 weeks or more), at 1.1 million, changed little in July and accounted for 18.5% of the total unemployed. Some economists say that the low unemployment could be due, in part, to a low labor participation rate. What is the labor force participation rate? It’s the percentage of the population that is either working or actively looking for work.
(Learn more: Personal Loan Calculator)
kupicoo/istockphoto
As previously noted, we have taken the city with the largest population in each of the 50 states as the city to track within its state, beginning with the city that had the lowest rate of unemployment and moving to the highest. The data from June 2023 was the most recently obtainable from the Bureau of Labor Statistics.
Washington, D.C.
The nation’s capital of Washington, D.C., population 712,000, showed an unemployment rate of 5.5% in June 2023, which is one of the highest for any large city in America.
miralex/istockphoto
South Dakota showed an unemployment rate of 1.9%. “South Dakota traditionally has a lower unemployment rate than the rest of the country,” explained an economics professor in a recent paper. But the state’s record low rate — and the extremely low 1.4% jobless rate of its largest city, Sioux Falls — creates a “double-edged sword.” The super-tight labor market means economic growth can be difficult, warned the same economist.
DenisTangneyJr/istockphoto
Des Moines had one of the most notable drops in unemployment on our list. The largest city in Iowa had a July 2023 jobless rate of 1.4%, compared to 2.9% in June. The state of Iowa’s seasonally adjusted unemployment rate remained the same, showing 2.7% in July as it had in June, May, and April. The state is recognized for its leading position in the agricultural sector, particularly corn, soybean, pork, and egg production.
Jacob Boomsma/istockphoto
In July, the city of Burlington showed an unemployment rate of 1.5%, ticking even lower than June’s rate of 1.8%. The statewide unemployment rate was also 1.8%. “There are nearly three job openings for every unemployed Vermonter,” according to the Vermont Department of Labor. Burlington is the industrial, tourist, and financial center of the state, with a population of 44,700. Burlington also has the distinction of being the least populous city in the 50 states to be listed as the most populous city within its state.
Erika J Mitchell/shutterstock
At 1.7%, Baltimore is hanging on in the bottom five for unemployment. Maryland had the second lowest unemployment of any state in America at 1.8% in July. The sector in the state that added the most jobs in June was that of mining, logging, and construction. What makes the achievement of the Baltimore metropolitan area particularly newsworthy is that it posted the lowest jobless rate among large U.S. metro areas with 1 million or more in population.
ferrantraite/istockphoto
The state of New Hampshire had the lowest unemployment in the nation at 1.7% in July. The jobless rate of Manchester, population 115,000, stayed virtually the same as June at 1.8%. The good news does create special challenges, however, such as dealing with the size of the workforce, which is smaller in New Hampshire than it was before the start of the Covid-19 pandemic.
DenisTangneyJr/istockphoto
The July 2023 jobless rate for Alabama of 2.1% is a record low for the state. The unemployment rate of of 1.9% for Huntsville makes it one of the country’s lowest for cities of its size. A city of rapid growth, Huntsville’s leading sectors are aerospace, defense, information technology, bioscience, and advanced manufacturing. “Alabamians have been finding jobs in record numbers for many months now,” said the state’s governor in a recent interview.
Sean Pavone/istockphoto
Fargo, population 126,000, had a jobless rate of 1.9% in July 2023, while the state’s unemployment was 2%, matching its record low in June. One reason North Dakota has had such a low unemployment rate for years is because it is the fifth least-populated state in the United States. Fargo’s economy is based on education, the medical industry, agricultural equipment, and services.
DenisTangneyJr/istockphoto
Maine’s unemployment rate was a record low 2.4% for the third consecutive month. Unemployment has been below 4% for 20 consecutive months, the third longest period of such low rates for Maine. The city of Portland’s was even lower at 2.1%. The state’s economic boom was driven mostly by the leisure and hospitality sector, which added the most jobs since the beginning of Covid-19.
Sean Pavone/istockphoto
The largest city in Montana showed an unemployment rate of 2.4% in June. Billings has a history of strength in agriculture and energy; more recently, it has focused on retail. Montana reached its 21st consecutive month of unemployment below 3% in July. The only other time Montana’s unemployment rate was below 3% was for three months in 2007. Total employment in Montana has grown every month of 2023, reaching a record high in July of 562,898 workers.
peeterv/istockphoto
In July, Nebraska matched its record-low unemployment rate of 2%. Nebraska’s low jobless rate is believed to be due to the dominance of industries like manufacturing and agriculture, which are less volatile than the energy or hospitality sectors during downturns. Omaha, population 487,000, had a jobless rate of 2.5%.
Jacob Boomsma/istockphoto
With a population of 189,000, Providence had a jobless rate of 2.5% in July, down from 3% in June. The state had an unemployment rate of 2.8%. About one-third of the city’s economy is based in trade, transportation, utilities, and educational and health services. The four Fortune 500 companies based in Rhode Island are CVS Heath, United Natural Foods, Textron, and Citizens Financial Group.
(Learn More: How to transfer money from one bank to another)
SeanPavonePhoto/istockphoto
With a population of 345,000, Honolulu had an unemployment rate of 2.6% in July, down from 3.3% in June. Job gains were seen in professional and business services, trade, transportation and utilities, and private education and health services. Overall, Hawaii had an unemployment rate of 2.8%.
Art Wager/istockphoto
At 2.5%, Massachusetts was one of the eight states to show record low unemployment in July, with Boston’s unemployment rate at 2.7%. The city is the economic engine and cultural hub of New England, with higher education, health care, and financial services as the major drivers. In a recent survey of cities most attractive to recent college graduates when considering job openings and affordability, Boston came in at number 12, making it the top city in the Northeast.
Sean Pavone/istockphoto
Salt Lake City had a jobless rate in June 2023 of 2.7%, only slightly higher than the state’s rate of 2.4%. Known as the “Crossroads of the West,” the city’s major industries are government, trade, transportation, utilities, and professional and business services. “Not much has really changed in the Utah economy through the first half of 2023,” said Department of Workforce Services’ Chief Economist Mark Knold. “Job growth is still strong and the unemployment rate remains very low.”
f11photo/istockphoto
The largest city in Oklahoma hung in there with a low jobless rate of 2.8%. Oklahoma City has one of the world’s largest livestock markets, with oil, natural gas, and petroleum products as its largest sectors. As for the state, Oklahoma’s rate of 2.7% meant it matched a previously set record low unemployment.
Sean Pavone/istockphoto
With a jobless rate of 2.8%, Cheyenne’s economy is based on light manufacturing, agriculture, the military and government, tourism, and transportation. Cattle- and sheep-raising continue to thrive throughout the region too. The unemployment rate in the state of Wyoming was 3% in July.
Davel5957/istockphoto
At 2.6%, Arkansas is one of the states to hold onto a record-low unemployment level in July 2023. Little Rock, its largest city at 202,000, showed a jobless rate of 2.9%. In July 2022, the state showed an unemployment rate of 3.3%. Healthcare is a leading sector in Little Rock, followed by manufacturing and construction.
pabradyphoto/istockphoto
The state of Tennessee set a record low with an unemployment rate of 3.1% in July 2023, but Nashville’s was even lower, coming in at 2.9%. The city is famous for music and entertainment, but healthcare and manufacturing are leading sectors as well. The city, population 1.3 million, is one of the fastest growing in America.
Kruck20/istockphoto
Virginia Beach has a jobless rate of 2.9%. Real estate, defense, and tourism are major sectors of the city’s economy. Meanwhile, the state of Virginia’s July employment rate edged downward in July to 2.5%. Interestingly, the Virginia Employment Commission (VEC) announced in early July that the number of initial claims increased to 2,487 but remained at the typical pre-Pandemic volumes experienced in 2019.
peeterv/istockphoto
The jobless rate of 3% in Charleston, population 151,000, helps it return to pre-pandemic status. In April 2020, unemployment raged at 13%. The city’s economic strength is diverse, ranging from aerospace and life sciences to hospitality. The statewide unemployment rate was 3.1% in June, same as in May.
SeanPavonePhoto/istockphoto
With an unemployment rate of 3.1% in July, Minneapolis is surging. The Twin Cities are expected to continue to thrive throughout 2023, with industries such as healthcare, finance, manufacturing, and technology playing an expanded role. Minnesota’s unemployment rate was 3%.
jimkruger/istockphoto
Ohio’s unemployment rate was 3.4% in June 2023, down from 3.6% in May 2023. Columbus, its largest city, clocked in at 3.3%. However, job growth could slow as employers struggle to fill openings in such a tight market, Columbus leaders say. The city does a great job of drawing young professionals with diverse sectors, ranging from education and food to defense and steel.
Sean Pavone/istockphoto
With a population of 237,000, Boise had a jobless rate of 3.2% in July, the same as in June. The major economic drivers in the region include semiconductor and other computer product manufacturing, food product manufacturing, administrative and business support services, and construction. Statewide unemployment stood at 2.8%
Sean Pavone/istockphoto
The largest city in Florida with a population of 954,000, Jacksonville had a jobless rate of 3.2% in July 2023. Florida showed its first uptick in unemployment in 2023 in July, rising from 2.6% to 2.7%. Florida’s unemployment rate has remained lower than the national rate for 33 consecutive months.
peeterv/istockphoto
Missouri has a jobless rate of 2.7% in June 2023, and Kansas City, its largest city, has a rate of 3.2%. The unemployment rate in Missouri reached a record high of 11.4% in April of 2020 and a record low of 2.1 in May of 2022. Kansas City is the third largest beef-processing city in America and has strong sectors in health care, tech, retail, and finance.
TriggerPhoto/istockphoto
Georgia’s largest city with a population of 496,000, Atlanta had a jobless rate of 3.2% in July. Georgia’s unemployment rate returned to its May level of 3.2%. The sectors with the most over-the-month job gains included accommodation and food services, health care and social assistance, arts, entertainment, recreation, and management of companies and enterprises.
milehightraveler/istockphoto
Colorado showed a jobless rate of 2.9% in July and Denver, its largest city, had a rate of 3.4%. Considered a magnet for work-from-home professionals, Denver is a fast-growing city, but one with housing costs that are 36% higher than the national average. Software and financial services are among its hottest industries. Aerospace, digital communications, and food and beverage sectors are also expanding.
milehightraveler/istockphoto
With a population of 879,000, Charlotte is home to corporations such as MetLife, NASCAR, Wells Fargo, Bank of America, and Lowe’s. Its unemployment rate was 3.4% in June, compared with the state’s falling jobless rate of 3.3%. The number of workers employed statewide (not seasonally adjusted) increased in July by 23,199 to 5,099,279, while those unemployed increased by 291 to 189,200.
Sean Pavone/istockphoto
The July 2023 jobless rate of 3.4% in the Big Easy showed a decrease from its June rate of 4.5%. And unemployment has come a long way since its alarming Covid-19 days of 20% in April 2020 and an April 2021 rate of 9%. As a tourist favorite and a major port on the Gulf Coast, New Orleans is considered an economic and commercial hub, but it struggles with crime, with the Wall Street Journal naming it as the major city with the highest homicide rate in America.
Sean Pavone/istockphoto
The unemployment rate in Wichita, population 395,000, was 3.3% in June. Agriculture, manufacturing, healthcare, and energy drive the Wichita regional economy. The state of Kansas had a jobless rate of 2.8%, which is a decrease from 2.9% in May but an increase from 2.6% in June 2022.
DenisTangneyJr/istockphoto
With a population of 149,000, Jackson has shown the greatest volatility among the cities on our list. It went from 2.4% jobless rate in April to 4.2% in May and 3.5% in June, where it remains in July. Jackson has a lower cost of living average than the U.S. average and shows major sectors in advanced manufacturing, health care, information technology, and food processing. The state of Mississippi’s unemployment rate reached a new record low of 3%.
SeanPavonePhoto/istockphoto
Anchorage, the city with the largest population in Alaska had a jobless rate of 3.5%. Alaska often shows a relatively high unemployment rate. Over the last 40 years, the average unemployment rate in the United States has been 6.3%, while in Alaska, it averaged 7.9% since 1976. Therefore, the July rate of 3.8% is low for this state.
Jacob Boomsma/istockphoto
Oregon’s unemployment stands at 3.4%, while Portland, its largest city, has a jobless rate of 3.6%. This progress could ease the concerns of Portland leaders, who thought that, compared to similarly-sized cities, Portland was lagging behind on financial recovery from Covid-19.
BruceBlock/istockphoto
The city of Indianapolis showed an unemployment rate of 3.6% in Jun. An economist said earlier in 2023 that there were 5 job seekers for every 10 open positions in the state. Central Indiana’s life sciences and healthcare sector generates nearly $84 billion in total economic output. The state of Indiana showed a jobless rate of 3.3%.
Sean Pavone/istockphoto
Seattle, population 733,000, went above the national unemployment rate with a jobless figure of 3.6% in July. Thousands of tech sector layoffs in the Seattle area have had an impact, but the city continues to support innovation. Overall, the unemployment rate is considered low. “The last time the unemployment rate was this low was in February 2020,” a state official said in an economic report.
ferrantraite/istockphoto
The state of Wisconsin set a new unemployment rate low of 2.4% in April 2023 and has risen to 2.6% three months later. Its largest city, Milwaukee, is a different story. It has an unemployment rate of 3.6%. The three sectors that comprise most of Milwaukee’s workforce are service sectors, manufacturing, and retail trade.
benkrut/istockphoto
The city with the largest population in West Virginia has 46,700 people and an unemployment rate of 3.7% in July 2023, the same as in June. As it is the state capital, Charleston has government jobs as well as those in trade, utilities, education, and medicine. The chemical industry and the manufacturing sector are also significant.
DenisTangneyJr/istockphoto
The unemployment rate of 3.9% in Detroit in June 2023 is quite a feat in a city that went through bankruptcy and experienced a 61% decrease in population from 1950 to 2010, lowering its ranking from the 4th most populous city in America to the 27th. Detroit’s jobless rate was an eye-popping 27% in June 2009. But new development in the city fuels talk of a real comeback post Covid-19.
Sean Pavone/istockphoto
With an unemployment rate of 4% in July, the city is seeing job growth as payrolls have managed to expand. However, it’s worth noting that in April the city showed unemployment of 2.8% so it has seen more than a full percentage point increase over two months. Louisville, with a population of 628,000, is known for shipping and cargo and, more recently, for major manufacturing, with two Ford plants in the region, and health care.
lovingav/istockphoto
The unemployment rate for Philadelphia stood at 4% and the state of Pennsylvania ranked at 3.5% in July 2023, and while that may not sound like one of the good news stories, Pennsylvania’s jobless rate is a record low for the state. This low unemployment bolsters the region’s ongoing recovery from the pandemic, which hit Philly hard and led to the loss of more than 100,000 jobs in the first two months alone of Covid-19.
Sean Pavone/istockphoto
Located midpoint between Washington, D.C. and New York City, Wilmington is Delaware’s largest city and its economic engine. Wilmington had an unemployment rate of 4% in July 2023. The state itself is at 4.1% unemployment, which is above the national average.
DenisTangneyJr/istockphoto
The unemployment rate in Bridgeport, population 148,000, was 4.1% in July 2023. While some fled New York or New Jersey during the pandemic, Connecticut added 66,000 people in 2021. However, Bridgeport struggles, with some 19% of its residents living in poverty. Connecticut has gained 14,100 jobs in 2023, but its statewide unemployment rate of 4.1% is higher than the national average.
DenisTangneyJr/istockphoto
Phoenix, population 1.6 million, had an unemployment rate of 4.2% in July, increasing from 3.9% in June, 3.3% in May, and 2.9% in April. One of the fastest-growing cities in America, Phoenix reached a record jobless high of 13.7% in April of 2020 and a record low of 2.5% in April of 1998. In the last 50 years, Phoenix’s economy has been powered by hospitality and leisure, but the city is also home to a growing number of high-tech, IT, renewable energy, and bioscience industries.
Davel5957/istockphoto
The July 2023 unemployment rate of 4.2% in Chicago is going down from 4.4% in June. The city and its suburbs are home to 35 Fortune 500 companies, with strengths in manufacturing, printing, insurance, transportation, financial trading, and food processing. Illinois’s rate of 4% remained slightly high compared to the rest of the nation.
Shelly Bychowski/istockphoto
The largest city in New Mexico had a jobless rate of 4.6% in July, steadily decreasing since its pandemic high of 10%. Albuquerque and the rest of the state are on a growth curve — the top three industries are oil drilling and gas extraction, scientific research and development, and hospitals. New Mexico’s seasonally adjusted unemployment rate was 3.6% in July, down from 3.9% in the previous year.
Faina Gurevich/istockphoto
The Big Apple had a jobless rate of 4.6% in July 2023, which makes it one of the cities on our list with an unemployment rate higher than the national average. However, New York City, with its population topping 8.4 million, is also beginning to show gains in employment three years after the start of Covid-19. New York is estimated to have lost about 2 million jobs in the immediate wake of the pandemic.
cmart7327/istockphoto
In July, the city’s unemployment rate stood at 4.6%, the same as in June. This is a marked decrease from a high of 9.7 percent in 2010. The city of Newark has a population of over 305,000, and some 25% of residents are living in poverty, according to U.S. Census data. The state’s unemployment rate increased by 0.2 percentage points from 3.7% to 3.9% in July, but the number of people entering the workforce grew by 1,000 jobs to a seasonally adjusted level of 4,335,100, according to preliminary government figures.
DenisTangneyJr/istockphoto
Houston’s July unemployment rate at 4.8% is an increase from June’s of 4.3% and is also higher than the state rate of 4.1%. Since June 2022, Texas employment grew by 542,500 positions— the largest annual increase in the nation. The expanding ranks of the unemployed is believed to reflect an increase in the size of the metropolitan workforce rather than layoffs in the state with the second-highest population in the United States.
Sean Pavone/istockphoto
The city on our list with the second-highest population in America at 3.9 million had an unemployment rate of 5% in July, slightly higher than the rate of 4.9 in June. The state has struggled since Covid-19. The state’s unemployment rate is 4.6%. Several factors are believed to contribute, including a mismatch between job skills among those who seek employment and what skills are needed.
Ron and Patty Thomas/istockphoto
On our list, Nevada had the highest unemployment of any state in the nation at 5.4%, and Las Vegas, its largest city, showed a rate of 6.1%. As has been the case with previous months, the labor force in the state actually grew. It has increased by approximately 24,000, or 1.5 percentage points, over the last year. Las Vegas shows a lot of turbulence in employment, with a high number of people in the workforce actively looking for jobs while the city shows the lingering effects of the Covid-19 lockdown.
mvp64/istockphoto
Unemployment is a key measure of the health of the American economy and considerable resources are put into analyzing it. There are many different reasons for unemployment. Apart from the common causes found in any economy–a worker leaving for another job or being fired–there is cyclical unemployment and structural unemployment.
Cyclical unemployment is caused by economic downturns or is related to changes in business conditions, As the name indicates, it can be temporary. After a recession ends, unemployment falls.
Structural unemployment is different. It usually means there is a mismatch between the jobs available and the skill levels of the unemployed. Technological changes, a lack of relevant skills, and jobs moving overseas to another country cause structural unemployment.
Structural unemployment can be hard for a society to deal with — it produces permanent disruptions in the economy and obviously a lot of stress among the people who want to work but can’t get a job.
fizkes/istockphoto
In late summer of 2023, the problem of high unemployment seems far away indeed. A reasonable unemployment rate is somewhere between 3% and 5%. The current low rate of unemployment means that the economy is producing near its full capacity, maximizing output, and driving wage growth.
However, the labor market can reach a point where each additional job added does not create enough productivity to cover its cost. This causes an output gap, or the “slack,” in the labor market. The economy is in danger of becoming “overheated.”
JLGutierrez/istockphoto
When there’s an increasing demand for labor yet the unemployment rate keeps falling, this causes wage inflation. With fewer people available to work, employers have to increase wages to attract and hold on to talent. While that’s pleasant for the workers, some businesses can’t afford to pay a lot more. The money that might go to growing the business has to go toward payroll.
And when there are more jobs than there are people with the necessary skills and experience, this leads to employees feeling overwhelmed and stressed. Small businesses typically have less money to funnel toward training and recruitment. This is a time when small businesses may turn to debt financing, whether it’s seeking a small business loan or looking for investors.
FlamingoImages/istockphoto
In July 2023, the Bureau of Labor Statistics showed a national unemployment rate of 3.5%, which was slightly lower than that of 3.6% in June. Las Vegas, Nevada, continued to struggle with the highest unemployment on our list of cities at 6.1%, but a large number of cities, led by Sioux Falls, South Dakota, and Des Moines, Iowa, had unemployment rates in July of less than 3%. This low jobless rate has various implications for the economy — and for small business owners.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
Lantern By SoFi receives compensation in the event you obtain a loan, financial product, or service through the Lantern marketplace. This Lantern website is owned by SoFi Lending Corp., a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. (nmlsconsumeraccess). This site is NOT owned and operated by SoFi Bank. Loans, financial products, and services may not be available in all states.
All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. There is no guarantee you will be approved or qualify for the advertised rates, fees, or terms presented. The actual terms you may receive depends on the things like benefits requested, your credit score, usage, history and other factors.
*Check your rate: To check the rates and terms you may qualify for, Lantern and/or its network lenders conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown on this website are from lenders and are estimates based upon the limited information you provided and are for information purposes only. Estimated APR includes all applicable fees as required under the Truth in Lending Act. The actual loan terms you receive, including APR, will depend on the lender you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the lenders and not by SoFi Lending Corp. or Lantern. Please review each lender’s Terms and Conditions for additional details.
Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website on credit (consumer.ftc.gov)
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.¹
SoFi’s Insights tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
Personal Loan
SoFi Lending Corp. (“SoFi”) operates this Personal Loan product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders/partners receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.Personal loan offers provided to customers on Lantern do not exceed 35.99% APR. An example of total amount paid on a personal loan of $10,000 for a term of 36 months at a rate of 10% would be equivalent to $11,616.12 over the 36 month life of the loan.
Student Loan RefinanceSoFi Lending Corp. (“SoFi”) operates this Student Loan Refinance product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume For more information, please go to https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf https://studentaid.gov/announcements-events/covid-19
If you are a federal student loan borrower considering refinancing, you should take into account the new income-driven payment plan, SAVE, which replaces REPAYE, seeks to make monthly payments more affordable, and offers forgiveness of balances that were originally $12,000 or lower after 120 payments, among other improvements. Also, please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans, such as SAVE, or extended repayment plans.
Auto Loan RefinanceAutomobile refinancing loan information presented on this Lantern website is from Caribou, AUTOPAY, Engine by MoneyLion, and each of Engine’s partners (along with their affiliated companies). Caribou, AUTOPAY, and Engine by MoneyLion pay SoFi compensation for marketing their products and services on the Lantern site.
Auto loan refinance information presented on this Lantern site is indicative and subject to you fulfilling the lender’s requirements, including but not limited to: credit standards, loan size, vehicle condition, and odometer reading. Loan rates and terms as presented on this Lantern site are subject to change when you reach the lender and may depend on your creditworthiness, consult with the lender for more details. Additional terms and conditions may apply and all terms may vary by your state of residence.
Secured Lending DisclosureTerms, conditions, state restrictions, and minimum loan amounts apply. Before you apply for a secured loan, we encourage you to carefully consider whether this loan type is the right choice for you. If you can’t make your payments on a secured personal loan, you could end up losing the assets you provided for collateral. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on the ability to meet underwriting requirements (including, but not limited to, a responsible credit history, sufficient income after monthly expenses, and availability of collateral) that will vary by lender.
BankingSoFi Lending Corp. (“SoFi”) operates this website in cooperation with Engine by MoneyLion presenting promotions for products and services offered by other banks, lenders, and financial institutions. If you select a promotion above, you will be connected to the website of the company offering the product. The promotions presented on this site are from companies that pay SoFi and Engine by MoneyLion compensation for marketing their products and services. This may affect whether a provider is featured on this site and could affect the order of presentation. Lantern and Engine by MoneyLion do not include all providers in the market or all of their available offerings. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
ridvan_celik/istockphoto
JLco – Julia Amaral/istockphoto
Featured Image Credit: DepositPhotos.com.
