If you follow the news even casually then you’re probably aware that the unemployment rate crossed an important and unfortunate threshold this past month. In only the second time since recordkeeping began in 1948 has the number gone above 10%. In November and December of 1982 we hit 10.8%. On Friday, the Bureau of Labor Statistics announced that the jobless rate shot up from 9.8% in September to 10.2% in October – a frighteningly high number on it’s own merits and particularly distressing given how rare it is that we break that 10% threshold. It gets even more concerning when you factor in the unemployed who out of frustration have just stopped looking. That drives the number up a few more percent. Then count those who have a job but whose hours have been cut. This group is called the Underemployed and when you add them in the figure climbs to a shocking 17.5%!
But there is some good news in this sea of depressing statistics. To begin with, on Friday President Obama signed an extension of jobless benefits for up to 20 weeks – a huge comfort for those who have already used up their currently allowed 59 weeks of benefits. But simply broadening the safety net doesn’t solve the underlying problem – the lack of jobs. But there actually are some hopeful indicators for the out-of-work.
To begin with there were fewer jobs lost in October than in previous months and temporary employment marked its third straight month of gains. Temp employment is widely considered a future indicator of the overall job picture as many companies hire temps as a way to have workers in place for an anticipated recovery. Also, job losses continue to be concentrated in a few sectors – manufacturing, construction and retail. That’s no comfort if you work in one of those industries, but if you do, at least it offers the possibility of a career change where you can get a job. And for those who are not in one of those sectors, then things are relatively stable. And many of the most important indicators – GDP, capital investment and consumer spending, are all up.
Most of the research I’ve read indicates that hiring should start picking up in third or fourth quarter of 2010. I know if you’re out of work, that seems like ages away. And that’s not a magic date when suddenly everyone who wants a job will suddenly find one. The return to more manageable unemployment rates will happen over several years. So, if you’re out of work, your job is to hang in there. Continue doing all the things that you know you need to do to stay in the game so that eventually you will find a job. Those of course are 1) “New Networking” – networking the GetHired way that insures that your contacts will always take your calls or reply to your emails. 2) Looking for temporary or unpaid work in a related field so that you keep your skills sharp and avoid extended dead spots in your resume. 3) Keep your spirits up with exercise, mediation, prayer, or whatever works for you to avoid becoming depressed and complacent – something that a potential employer can smell a mile a way.
As Woody Allen said – 80% of success is just showing up. And as far as I’m concerned, 80% will beat 10.2% any day of the week.