Job Seekers
Employers
Exec. Search
Recruiters
Work Ministry Resources
Job Seekers Newsletter
February 2009
Welcome Everyone!
As we enter the new year, the job market news of layoffs continues, but there are some positive indications as well. We wish you the best of success for your job search! Our site and resources, plus the leadership of the job support groups, are here to help.
Comments About the U.S. Job Market
Unemployment Report
Nonfarm payroll employment fell in January (-598,000) and the unemployment rate rose from 7.2 to 7.6 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported on February 6th. Payroll employment has declined by 3.6 million since the start of the recession in December 2007; about one- half of this decline occurred in the past 3 months. In January, job losses were large and widespread across nearly all major industry sectors.
GDP Forecast
The Conference Board produces monthly reports and analyses of the US economy. For 2009, the February report of expectations for Gross Domestic Product (a measure of the total costs of goods and services produced) are:
- First quarter: -6.7%
- Second quarter: -3.4%
- Third quarter: +1%
- Fourth quarter: +2.8%
Based upon the forecast, it is expected that unemployment will continue to rise to the 9% range later this year.
If the forecast is reasonably accurate, the job market will continue to struggle before we hopefully see movement to positive growth and a turnaround in the job market.
Any Good News?
We can rely upon today's media to keep us fully informed about what's wrong with everything. For some positive news, Larry Kudlow offered the following comments recently on the near-term outlook for the economy:
- The stock markets are up 15-20% from recent lows of last fall, a leading indicator. Markets are forecasting better times six to nine months into 2009.
- Wages of U S workers are up 4% over the past twelve months, increasing buying power of the 135 million workers employed.
- Retail sales for January are up 1%, led by autos and general merchandise, the biggest gain in 14 months and reversing a 6 month decline.
- Inflation is tamed for now, an economic issue that reduces buying power for all consumers.
- Last fall, congress passed legislation to open off shore drilling for oil, resulting in a collapse of oil prices, and a 50%+ decline of costs at the pump. Consumer savings are estimated at $350 billion, money that can be spent on other needs.
- The government has taken extraordinary measures to stabilize the banking sector, efforts that traditionally take six or more months to show results. In the next few months, banks will get back into lending and financing the credit markets.
All of the above lay the groundwork for a recovery in job creation.
The Bigger Picture
At present, there is a major debate raging in the congress about financial measures to stimulate the economy. Let's try a little perspective:
- The federal government has been keeping records on the economy since the 1850's.
- The US economy does not run in a straight line- instead, it grows and contracts.
- The economic cycle over this long period of time has been one of an average period of growth of 4.5 years followed by recession of six months.
- The cycle has been broken three times in the past half-century:
- The Kennedy tax cuts of 1964 extended the growth period to 1971
- The Reagan tax cuts of 1982 extended the growth period to 1991
- The Bush tax cuts of 2001 and 2003 extended the growth period to 2008
The above list also illustrates the relative size of tax cuts: Kennedy cuts were the biggest of the three, followed by the Reagan and Bush tax cuts.
Contrary to what some commentators are saying, the business cycle has not been repealed. The private sector of the economy will recover later this year, like it always does. Each recovery is different. We need to maintain our faith in the US economy, its capacity for recovery and job creation. Let's get through the next few months and get back to growth later in 2009!
Alliance Partners
We support the following resources in service to job seekers:
- HACEUSA, a professional Hispanic Association
- Career Concepts USA: Job Fair resource
- Catalyst Career Group: Job Fair resource
Networking Tip Of The Month
The Three Foot Rule:
As an active or passive job seeker, getting the word out about your search is key to success. The tools for your effort are the usual ones: a resume, cover letter, business cards, a broadcast sheet and elevator speech, at hand as needed for daily use.
To make the most effective use of your resources, keep in mind that everyone you meet is a potential source of information. We have established the "three foot rule" to assure that you are making the best use of your contacts. It's remarkably simple, but sometimes a little difficult to apply. The rule is: everyone within three feet of you should be aware of your job search!
By Aware, we mean:
- Know who you are, what you do, what you are looking for and how they can help you
It is one of the most effective ways to manage your daily efforts in networking and social occasions. Good luck!
Networking Group of the Month
We are looking for recommendations. Send an email to work@workministry.com and tell us about your group.
Important Information
Leaders: please review your Job Support Group web page and see if all information is accurate and up-to-date. Please send any corrections to work@workministry.com.
Remember networkers: once you have landed your job, complete our landings survey.
Quote of the Month
"We who live in free market societies believe that growth, prosperity and ultimately human fulfillment, are created from the bottom up, not the government down.
Only when the human spirit is allowed to invent and create, only when individuals are given a personal stake in deciding economic policies and benefitting from their success -- only then can societies remain economically alive, dynamic, progressive, and free." Ronald Reagan
A Prayer While You Are In Transition
The will of God for your life is simply that you submit yourself to Him each day and say, "Father, Your will for today is mine. Your pleasure for today is mine. Your work for today is mine. I trust You to be God. You lead me today and I will follow."
- Kay Arthur
We hope you have enjoyed this month's Newsletter!
The Work Ministry Team
Contact us at work@workministry.com
home | about us | in the news | job support groups | career sites | resources & links | more links
spirituality | vision & mission statement | FAQ’s | advertise | contact us | privacy
©2010 Work Ministry. All Rights Reserved
design by www.websiterevamp.org
