Posts Tagged ‘unemployment’

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Don’t Give Up!

Wednesday, June 15th, 2011

we-regret.jpeg
(photo credit: Caro Wallis)

Good news, Unemployed College Grads of America. Go get your mom. We’ll wait.

You know how hard it is to find a job these days, even with that fancy (and expensive) college degree? If you read the news, which is what you must be doing with all the free time you have, you might think that your career and your entire future are slowly crumbling with every rejection letter.

But it turns out that this isn’t the first time grads have been stuck in a recession hiring slump. And you know what? The grads who were facing the same problems you’re facing today – in 1982 – mostly turned out okay. They started slow, but eventually opportunities opened up that allowed them to get into their career groove.

So stay smart, friends, and don’t lose faith.

Need another shot in the arm? Let Kathryn and Amanda take you through the virtues of accepting an imperfect first job.

A Layoff is…

Friday, June 3rd, 2011

A layoff is when an employee is either temporarily suspended or permanently fired from a job. Layoffs aren’t usually about employee performance, but rather a consequence of a company experiencing a financial crisis. The company may need to downsize, resulting in the elimination of certain jobs, in order to cut costs.

What the Unemployment Rate Really Means

Wednesday, March 2nd, 2011

When they say the U.S. unemployment rate is 9%, does that mean that only 9% of all possible American workers are out of a job?

Nope. The official unemployment rate doesn’t count people who have given up looking for a job. It also doesn’t include people considered “not in the labor force,” like students. And it definitely doesn’t tell you much about the millions of people who are working part-time but can’t find full-time work. (They’re called the “underemployed.”)

Contrary to popular belief, the unemployment rate has nothing to do with how many people are applying for or receiving unemployment benefits. The Bureau of Labor Statistics collects data by actually going out and asking people about their employment status.

Click the chart for Matt Berger’s explanation.

How do you fit into this chart?

Get Spent!

Tuesday, March 1st, 2011

Ever wonder how people end up homeless or hungry? It’s easier than you may think.

Think it could never happen to you? Play SPENT to get a sense of what life is like for the 55% of Americans living paycheck-to-paycheck.

Trying To Protect Older Workers, Japan Creates A Youth Crisis

Tuesday, February 1st, 2011

“TOKYO — Kenichi Horie was a promising auto engineer, exactly the sort of youthful talent Japan needs to maintain its edge over hungry Korean and Chinese rivals. As a worker in his early 30s at a major carmaker, Mr. Horie won praise for his design work on advanced biofuel systems.

But like many young Japanese, he was a so-called irregular worker, kept on a temporary staff contract with little of the job security and half the salary of the “regular” employees, most of them workers in their late 40s or older. After more than a decade of trying to gain regular status, Mr. Horie finally quit — not just the temporary jobs, but Japan altogether.

He moved to Taiwan two years ago to study Chinese.”

What do you think?

See any similarities between the situation in Japan and the situation here in the U.S.?

Thinking About Getting An MBA? Prepare For Possible Unemployment

Friday, December 3rd, 2010

Compared to last year, it’s easier for MBAs to get a job, but nowhere near as easy as it was before the recession.

  • The recession has made it a lot harder for business-school grads to get a job, especially in the consulting and financial services industries.
  • Though companies are recruiting less, some schools have maintained relationships with those hiring sources. But schools that don’t have those relationships are having a much harder time hooking their grads up with jobs.
  • Companies that are hiring are focusing their recruiting efforts on schools located nearby, even more than the top-tier schools.

Facts & Figures

  • In 2009, 84% of business-school grads worldwide had  jobs within a few months of graduating; in 2010, that number rose to 88%
  • Industries now actively recruiting MBAs: healthcare, energy, technology
  • Median starting pay for business-school grads in 2010 was $78,820 in 2010; in 2009 it was $75,000

Best Quote

“Back in 2007 and 2008, students had flexibility to decide where they wanted to live and work. With outlooks tightening, students will take opportunities wherever they’re available.” – Nicole Hall, President of the MBA Career Services Council

U.S. Companies Sitting On Piles Of Cash, Not Hiring

Wednesday, October 27th, 2010

Where did all the money go after the recession hit? Well, some of it appears to have gotten stuck at the top of the consumption chain...

  • Moody’s Investor Service reported this week that U.S. companies are “hoarding” almost $1 trillion with no intention of expanding business or hiring new employees.
  • The future of the economy is still unclear, so these companies are likely holding out on growth activities until they can be sure of success.
  • During the economic crisis, many companies cut costs, downsized, and sold corporate bonds to raise the cash.

Facts & Figures

Current cash holdings, by sector:

  • Technology – $207 billion
  • Pharmaceuticals – $124 billion
  • Energy – $105 billion
  • Consumer Products – $101 billion

Best Quote

“We believe companies are looking for greater certainty about the economy and signs of a permanent increase in sales before they let go of their cash hoards, which they suffered so much to build.” – Moody’s Investor Service report

Recession Benefits The Employed?

Tuesday, August 17th, 2010

Although the recession has produced a large number of the long-term unemployed, there are, ironically, some benefits for those who have been able to keep their jobs.

  • Though wages usually fall during economic downturns, this recession has seen a growth in salaries.
  • Some regions have been hit harder than others but areas in the central US are relatively unscathed.
  • Although blue collar jobs suffered most at the beginning of the recession, we’re currently seeing a downturn in white collar jobs instead.

Facts & Figures

  • Nearly 45% of unemployed workers today have been unemployed for 27 weeks or more.
  • Since the recession began, real average hourly wages have risen almost 5%.
  • The unemployment rate for college graduates is still only 4.5%, and the disparity between their pay and that of non-graduates has never been greater.

Jobless Claims And Recovery Concerns Rise

Thursday, August 5th, 2010

As jobless claims rise, Americans are becoming even more concerned about the economic recovery.

  • New unemployment claims rose last week, which may indicate a weak economic recovery.
  • The unemployment rate is expected to climb to 9.6% (up from 9.5% in June).
  • While growth expanded 3.7% in the first quarter of 2010, it fell to a 2.4% annual rate in the second quarter.
  • Generally speaking, consumers have cut spending.

Facts & Figures

  • Claims for state unemployment benefits rose 19,000 (the highest since April).
  • 4-week average of new jobless claims rose 5,250 to 458,500.
  • Jobless claims fell in 2009 but have stalled this year.
  • The number of people on emergency benefits rose 60,993 to 3.31 million in mid July.

Best Quote

“The bottom line is that any recovery in employment is going to be very slow. It’s likely that we’re still 9.5 percent unemployment or awfully close to it by the end of the year.” -Scott Wren, Senior Equity Strategist, Wells Fargo Advisors in St. Louis

Businesses Hesitate To Hire, Stall Economic Recovery

Tuesday, July 6th, 2010

Concerns about the stalled U.S. economic recovery continue to grow.

  • Last week, state unemployment aid claims increased unexpectedly, which may indicate that the economic recovery is stalling.
  • Although the number of layoffs has decreased in the past year, businesses are hesitant to hire.
  • New jobless claims rose to the highest level since the beginning of March.
  • Obama’s approval ratings have plummeted due to concerns about the economic recovery.

Facts and Figures

  • Claims for state unemployment benefits rose 13,000 last month.
  • Employers announced 39,358 job cuts in June, up 1.4% from May.
  • Private employers added just 13,000 jobs in May.
  • Announced layoffs hit a 4-year low in April.

Best Quote

“It’s looking more and more like the job market is treading water. Layoffs are down from 2009, but hiring hasn’t really picked up and this is disappointing. There is a lot of uncertainty on the hiring side that’s causing things to remain sluggish. In order for the recovery to give people confidence it needs to cut across different sectors of the economy.” – Stephen Bronars, Senior Economist at Welch Consulting

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