1 December, 2009 - The U.S. Bureau of Labor Statistics released the job rates for October at the beginning of November and the numbers were higher than expected. The number of Americans claiming unemployment went up nearly half a percent to 10.2%, the highest rate since 1983.
President Barack Obama commented on the statistics, saying it is "a sobering number that underscores the economic challenges that lie ahead."
But hidden among all this doom and gloom is some good news; the number of temporary jobs increased by 34,000. This marks the third straight month of gains for temporary employment.
Temp Jobs on the Rise
What does this mean for the 15.7 million Americans who are out of work? As Joseph Lazzaro says on Blogging Stocks website, "Historically, a rise and sustained turnaround in temp jobs usually precedes an increase in overall employment." Near the end of a recession companies tend to "test the water" by bringing aboard employees as temps. As business continues to improve these temp employees are transitioned into permanent roles.
Improving Developments
As a recent news article from Yahoo points out, even though we are seeing evidence of improvement in the job market, there were over 190,000 jobs eliminated in October 2009. Albeit, a substantially smaller figure than the 500,000 and 600,00 that were reported a year ago, the number is still high.
Demographics Matter
These staggering numbers do not necessarily accurately represent the current state of the economy in all demographics specific to your job hunting prospects. Not only does it not show the increase seen in temporary jobs, it also doesn't reflect the various demographics that make up the United States. For example, the unemployment rate as of the end of September for white women, ages 25 to 44 with a college degree was only 3.6%, while the rate for black men ages 15 to 24 without a high school degree was 48.5%. Everyone else falls somewhere in between.
This illustrates how the current economic landscape is dramatically worse than 10.2% for some and substantially better for others. To see where you fall in the statistics check out the interactive graph on the New York Times online. |
