Jobs
Jobs are how we pay our bills. What would you do if you were one of the thousands of people who have lost their job so far. What would you do? Would you sell your house, sell your car, move in with relatives or friends, sell everything you have, or fight to get another job? Getting another job is a challenge in it self and a lot of times people who get a new job make less to start with than what they were making at their last job. It seems like people are between jobs longer than ever, I have had two friends who went from 4 to 7 months before finding another job. Here is some news on the job market;
NEW YORK (CNNMoney.com) — The economy shed 533,000 jobs in November, according to a government report Friday - bringing the year’s total job losses to 1.9 million.
November had the largest monthly job loss total since December 1974.
“This is a dismal jobs report,” said Keith Hall, commissioner of the Bureau of Labor Statistics, at a congressional hearing. “There’s very little in this report that’s positive. This is maybe one of the worst jobs reports the Bureau of Labor Statistics (founded in 1884) has ever produced.”
The number of jobs lost in the current recession, which began in December 2007, surpasses the 1.6 million jobs lost in the 2001 recession.
The job market expansion leading out of that recession was drawn out and tepid, so the jobs lost now are more at the core of the nation’s economy - a scary sign.
According to the Labor Department’s monthly jobs report, the unemployment rate rose to 6.7% from 6.5% in October. The rate is compiled in a separate survey from the payroll number.
Economists surveyed by Briefing.com had forecast a loss of 325,000 jobs in the month.
Revisions to the two prior months brought more dismal news. October’s job loss was revised up to 320,000 from 240,000, and September was revised up to 403,000.
The revisions brought the 3-month job loss total to 1.3 million.
November’s report provided the first glimpse at employers’ reaction after the peak of the credit crisis, reached in mid-October.
With credit largely unavailable and expensive, consumers scaled back their spending, dragging down manufacturing and construction businesses. Travel has also been scaled back.
As a result, job losses were spread across a wide variety of industries: manufacturing, leisure and hospitality, construction and even, in the midst of the holiday shopping season, retail.
Also seeing sharp declines were professional and business services, a category seen by some economists as a proxy for overall economic activity, and financial services, at the heart of the current crisis.
With the economy in a recession and most economic indicators signaling even more difficult times ahead, economists say job losses will likely deepen and continue through at least the first half of 2009.
Citing weak economic conditions, a slew of large-scale job-cut announcements came this week.
On Thursday alone, AT&T (T, Fortune 500), DuPont (DD, Fortune 500), Viacom (VIA), Credit Suisse (CS) and Avis (CAR, Fortune 500) announced cuts that totaled nearly 23,000 cuts, most of which will take place over the next several months.
According to a report by the outsourcing agency Challenger, Gray & Christmas, planned job cut announcements by U.S. employers soared to 181,671 last month, the second-highest total on record.
Temporary employment, including workers employed by temp agencies, fell by 100,700 jobs last month, the highest on records that go back to 1985. That could mean even more full-time payroll reductions to come, as employers often cut temporary workers before they begin cutting permanent staff.
Tig Gilliam, chief executive of placement agency Adecco, the nation’s third-largest employment agency, said employers are trying to position their companies to weather the ever intensifying economic storm.
“CEOs are trying to get their businesses better positioned for the start of the year so they’re not constantly chasing the slowdown” he said. “December will be another very tough month.”
In another sign of weakness, a growing number of workers were unable to find jobs with the amount of hours they want to work. Those working part-time jobs - because they couldn’t find full-time work, or their hours had been cut back due to slack conditions - jumped by 621,000 people to 7.3 million, the highest ever on records that date back to 1955.
The so-called under-employment rate, which counts those part-time workers, as well as those without jobs who have become discouraged and stopped looking for work, soared to 12.5% from 11.8%.
But there was hiring in some economic sectors last month. Government hiring has stayed strong throughout the downturn, adding another 7,000 jobs in November. Education and health services also grew payrolls, with a gain of 52,000 employees.
The average hourly work week fell to 33.5 hours last month. Economists expected the workweek to hold at October’s level of 33.6 hours. But with a modest 7-cent gain in the average hourly salary, the average weekly paycheck rose by 52 cents to $613.05.
With 2008 already the worst year for jobs since 1982 and on pace to become the worst since 1945 - and second worst on records that date back to 1939 - support for a second stimulus package to boost the job market has grown among economists and lawmakers.
The prior stimulus package, in the spring, sent tax rebate checks to millions of tax filers. It helped the economy grow in the second quarter, but it did little to stem the tide of job loss in the country.
But the proposed stimulus package, supported by President-elect Barack Obama, would focus on aid states and municipalities as well as consumers, adding millions of infrastructure jobs for Americans.
“Our economy has already lost nearly 2 million jobs during this recession, which is why we need an Economic Recovery Plan that will save or create at least 2.5 million more jobs over two years,” said Obama in a statement. “There are no quick or easy fixes to this crisis, which has been many years in the making, and it’s likely to get worse before it gets better.”
Experts say a two-part stimulus package is the right way to stem the tide of mounting job losses.
“First, you have to get consumers to spend, since 70% of the GDP is tied to consumer spending, and then you need job stimulus like highway projects to maintain economic job growth,” said Gilliam. “This number is so bad that Obama will have to do something drastic soon.”
In the meantime, Bush administration officials say the priority remains restoring liquidity to the financial system.
“We have to get the job done that we can while we have time left in office, and that is restoring credit,” Secretary of Commerce Carlos Gutierrez told CNNMoney.com. “This is the key first step to restoring growth and restoring jobs.”
The White House echoed the Commerce secretary.
“We need to focus on the causes of the economic downturn in order to reverse this trend in job creation, said Dana Perino, White House press secretary. “We intend to continue our aggressive efforts to restore health to our credit and housing markets.”
Source:CNNMoney.com website. By David Goldman, CNNMoney.com staff writer
Ideas to help you find a new job
I have faith that if you don’t give up you will find a new job and if you do it right you may find a job you love. If you are looking for a job I recommend a few key things to do before knocking at the doors of businesses.
1. Read “What Color Is your Parachute” book. Then do the assignments in the book. It is a big book and will take you some time to do it. But if you put your mind to it you should be able to work full-time for a week at it and get the basics down. In this step you will be doing a new resume as one of the assignments.
2. After reading the book another key item to do is list everyone you know. Then do some networking with them all. Let everyone know what you are looking for, ask them if they have any openings or know of any openings. Then also ask them to send out your information to everyone they know. I feel Networking is one of the best ways to find a job that fits you.
Job Search
Of course another key is know what your goals are, this is one of the assignments also above. Also the more flexible you are to relocating the more opprotunties you will have offered to you. Really read the book above and then work on Networking. I feel if you keep a positive attitude and work hard at this that you will get a new job in no time and a job you will enjoy and that makes you feel good doing.
Any ideas to help others let me know. Also let me know any questions or comments. Have a great day.
Comments
Very good information for someone looking for a job. That book helped me when I was lookiing for a job.
I agree with Nesster. I’m not much of a reader but that book really helped with my focus and attitude about what I really wanted out of my next job.
Being that we already seem to be sharing factors regarding Jobs, To find a job online is their first priority now as it provides them ease and comfort. They do not have to rush to companies and businesses on daily basis just to get to the initial interview. There are many jobs where you do not have to be physically present in front of the interviewers; many hiring processes are completed online and you just need to visit the company for final interview.
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