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Job Seekers Newsletter
November 2008
Welcome Everyone!
As we enter the final months of the year, the job market news of layoffs continues, but there are indications of growth 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
Short-term considerations:
Unemployment Report
Nonfarm payroll employment declined by 240,000 in October, and the unemployment rate rose to 6.5 percent, per the Bureau of Labor Statistics of the U.S. Department of Labor report of November 7th. Employment has fallen by 1.2 million in the first 10 months of 2008; over half of the decrease has occurred in the past 3 months. In October, job losses continued in manufacturing, construction, and several service-providing industries. Health care and mining continued to add jobs. Details:
- Over the past 12 months, the number of unemployed persons has increased by 2.8 million and the unemployment rate has risen by 1.7 percentage points.
- Total unemployment is 10.1 million,including 2.3 million people (22%) who have been unemployed for more than six months.
- Newly unemployed (five weeks or less) was 3.1 million.
- Highest percentage groups of unemployed are teens at 20.6% and blacks at 11.1%.
To better understand the above:
- Total payroll employment, November 2007: 138 million
- Total payroll employment, November 2008: 136.9 million
Thankfully, the economy created enough new jobs over the past 12 months to enable a "net loss" of 1.1 million jobs overall.
GDP Report
The US economy (per first estimates) declined in output of goods and services by .3%, compared to a growth of 2.8% in the second quarter. So the economy has slowed and may move into recession, which is defined as two quarters of declining economic activity.
Long-term considerations:
In a report from Citibank, if the new administration follows through with plans for new taxes and regulations, the sectors that will gain are:
- Energy: Ethanol producers, Nuclear power, Solar power , wind power
- Health care: Drug stores, generic drug makers
- Retail: Low priced retailers (tax plans benefit low income earners most)
Sectors that will not fare well under a new tax and regulatory regime include Energy companies (big oil, coal), Finance (credit card, asset managers) Health care (government role in setting prices), High end retailers (tax increases on upper incomes) and utilities (coal burning, taxing dividends).
Comment: In the first six months of 2009, we will see what a new administration does coupled with the performance of the US economy. Federal government actions, decades ago, did not matter much because the "economy was the economy" and government was a peripheral player. Today the size and scale of government activity, combined with its taxing, regulating and spending powers, has empowered the government in ways never foreseen by our predecessors.
A Final Note
Our favorite measure of the job market is Recruiters. Despite the up, down, sometimes sideways movement of monthly job data this year, the unemployment rate of Recruiters is close to zero percent. Recruiters are the first people to lose their jobs in a genuine, widespread economic slowdown. That is not happening. As we have noted in previous newsletters, 2008 is the so far, so good year for jobs!
Alliance Partners
We support the following resources in service to job seekers:
- HACEUSA, a professional Hispanic Association
- Career Concepts USA: Job Fair resource
Networking Tip Of The Month
Article on the Resume-Interview Connection...
In 2002, Careerbuilder.com published an article focused on the continuity of the job search process. Be consistent in your message at all stages of the process. The article highlights:
- Job specifications
- Resume design
- Phone Screen content
- Interview focus
To view the full article: The Resume-Interview Connection
Networking Group of the Month
State of Michigan
The state of Michigan, at an official rate of unemployment of 8%+, is leading the nation versus the national average of 6.5%. We encourage everyone in the Michigan area to access the job support groups offered by the many volunteer programs available on the Workministry.com site: Michigan Job Support Groups
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
“Predicting things is difficult- especially about the future"
-Yogi Berra
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
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