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Job Seekers Newsletter
October 2008
Welcome Everyone!
As this year progresses, the job market continues to indicate a slower growth period for jobs. 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 159,000 in September, and the unemployment rate held at 6.1 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Employment continued to fall in construction, manufacturing, and retail trade, while mining and health care continued to add jobs. Details:
- Over the past 12 months, the number of unemployed persons has increased by 2.2 million and the unemployment rate has risen by 1.4 percentage points.
- Total unemployment is 9.5 million,including 2 million people (21%) who have been unemployed for more than six months.
- Highest percentage groups of unemployed are teens at 19.1% and blacks at 11.4%.
Economic Indicators
The unemployment rate has steadily increased as the economy has slowed over the past year. How about some analysis?
- According to the Congressional Budget Office, the US economy has the potential to grow (Gross Domestic Product) by 2.7% per year, which generates about 1 million new jobs per year. Growth in the 2.5% to 3.5% range is the goal.
- GDP for 2007 was 2.2%.
- The basic rule of thumb (Okun's law) is that, for every 2% decline in GDP (Gross Domestic Product of the US economy), the unemployment rate increases by 1%.
- The second quarter GDP reported was 2.8% annualized.
- The third quarter GDP report for 2008 is due later this month; if it comes in at 2% or so, then the rate of increase in unemployment could slow and possibly reverse.
Long-term considerations:
The World Economic Forum has ranked the United States as the world’s most competitive economy for the last two years. Consider the following- The US economy ranks:
- First in economic growth of developed economies since 1980.
- First in market size, funds available from venture capital sources to start a business, costs of termination of an employee* and university/industry research collaboration.
- Second in quality of research institutions.
- Third in time required to start a business.
The survey also found the two most ‘problematic’ issues for doing business in the U.S. —high tax rates and cumbersome tax regulations- as concerns for the future.
*The costs of termination of an employee in countries such as France and Germany can range up to two years salary. Such costs depress job growth by compelling employers to seek growth and expansion external to their home countries.
The Business Roundtable is an association of chief executive officers of leading corporations, representing a combined workforce of nearly 10 million employees and $4.5 trillion in annual revenues. Key findings in a recent survey on expectations over the next six months, conducted September 2008:
Sales Spending Employment
Key points: While one out of three employers (32%) expect to reduce staff, an almost comparable proportion (29%) expect to increase staff, while a majority (one out of four) have no plans to change staffing levels.
Comment: If the Business Roundtable survey works out, then the job market may hold steady overall, versus a major contraction.
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. 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
Scioto Ridge Job Networking Group, Dublin OH
The Job Networking of Scioto Ridge is sponsored by the United Methodist Church to assist members of the community in networking for career and job opportunities. For more information, click here. Keep up the good work!
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 should never despair, our Situation before has been unpromising and has changed for the better, so I trust, it will again. If new difficulties arise, we must only put forth new Exertions and proportion our Efforts to the exigency of the times.”
-George Washington
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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