The four-week average of unemployment claims rises, reflecting an ongoing soft labor market.
The U.S. Labor Department announced today that the number of people filing for the
first time for unemployment benefits fell by 18,000 to 365,000 on a seasonally
adjusted basis in the week ended May 3.
Initial claims for unemployment insurance have been unusually volatile over the past
month and a half, jumping between 345,000 and 406,000.
The four-week average of initial jobless claims, which is a better indicator of the
situation because it smoothes out one-time factors such as bad weather or holidays,
increased by 2,500 to 367,500 -- reflecting the weak job market.
Even with the increase, the numbers also reveal a hopeful sign that the job cuts
during this recession will not be as strong as in the past -- with some employers
finding innovative solutions, such as cutting back hours, as an alternative to
firing staff.
May 6, 2008
Merck announces job cuts, while two studies reveals metro areas of the country
as more recession-proof than others.
As the NJ-based drug company announced it will reduce its U.S. sales force by 1,200
positions by the end of July, two studies examining different employment data produce
lists of potentially recession-proof metro areas.
In one study, reported in a story by the Associated Press, Jobbait.com's president Mark Hovind
analyzed data from the U.S. Bureau of Labor Statistics from the recessions of 1990 and 2001. Based on the
results in which areas jobs outpaced the workforce, he predicted these same areas would do well now.
Among the areas making his list were Prescott, AZ.; Fayetteville, AK; Bakersfield, CA; Redding, CA;
Grand Junction, CO; Valdosta, GA; Lake Charles, LA; Billings, MT; Farmington, NM; Bend, OR; State Park, PA;
Laredo, TX; Odessa, TX; Tyler, TX; St. George, UT; Olympia, WA; Morgantown, WV; and Casper, WY.
In the Forbes study, editors examined the country's 50 largest metropolitan areas and looked at
several key employment-related measures, as supplied by the Bureau of Labor Statistics for the
year ending in February 2008 -- to see which areas are most adding or subtracting jobs.
The top 10 recession-proof cities included: San Jose, CA; Charlotte, NC; Raleigh, NC;
Oklahoma City, OK; Austin, TX; Dallas, TX; Houston, TX; San Antonio, TX; Salt Lake City, UT; and Seattle, WA.
May 2, 2008
April marks the fourth straight month of job declines in the U.S., but the losses are moderate,
and there were some big gains in certain sectors.
While it's still annoying to see economists and politicians debate whether the economy
is in a recession, the hard news we can all relate to is the strength of the job market.
The good news is that the job market may be a bit stronger than originally thought;
the bad news is that there are still some big job losses/layoffs taking place.
The net loss in jobs was 20,000 in April, according to a report from the Labor
Department -- much lower than 75,000+ that many experts had been predicting.
Not surprisingly, construction jobs were the hardest hit -- with 61,000 jobs cut in April.
Factory jobs fell by 46,000 -- with the highest concentration of losses in the
production of durable goods. Retailers cut 27,000 jobs.
On the positive side, service-producing employers added 90,000 jobs in April --
with the strongest growth seen in healthcare, professional services, and leisure and hospitality.
Temporary help jobs increased by 39,000 as employers unsure of the future hire
short-term staff rather than full-time workers. (Is temping for you? Learn more about
temping and temping-to-permanent positions in this section of Quintessential Careers:
Temping Tools, Advice, Strategies, and Resources.)
Interestingly, the unemployment rate dipped to 5.0 percent in April, from 5.1 percent
in March. Most experts had expected the rate to increase to 5.2 percent.
Job-seekers can still find jobs in this economy -- but it will be easier in
certain occupations and industries, and it will take longer on average than ever
before as employers make certain they can afford to hire -- and make certain they
hire the correct person for the job.
May 1, 2008
As we wait for the April jobs report, some experts weigh in on how bad job
losses will be in this economic downturn.
There's no question that most experts predict that there will be many months of
bad job news, as more employers cut jobs and hold off hiring new employees until
the economy gets back on track... but the question some are asking deals with how
bad will the job losses be compared to previous recessions.
In a recent issue of Business Week, James Cooper discusses how several
factors in this downturn may make the job losses not as great as in the past. A
combination of a massive economic stimulus package and close to a decade of
lean hiring years, he says, equates in a need to lay off fewer workers.
But even so-called safe career fields, such as education, are going to take some
big hits as state governments make massive spending cuts -- including in education,
forcing local school board to layoff teachers and other staff.
As we ride out this recession, if you have a job (or jobs), do your best to keep it.
If you've been streamlined or downsized, get talking with your network of contacts.
And regardless of your job situation, keep careful track of all your accomplishments --
and showcase your value to your current or future employer.
Job Stuff, A Blog for Your Career, from Stephen Harris.
Stephen's blog is a great resource for those job-seekers who find yourselves in transition, searching for guidance
and reassurance.
The Occupational Adventure Blog, from
Curt Rosengren, a Passion Catalyst. Curt's blog is great for finding encouraging ideas (and resources) for moving forward with your career... a career
that lights your fire.
Blue Sky Resumes Blog, from career
expert Louise Fletcher, a general career and job-search blog that covers all aspects of the job-hunt.
