There is renewed economic clatter with unemployment up by 0.2 to 5.7%, like there was a couple of months ago when it rose from 5 to 5.5%. We know the real number is higher, not counting folks whose benefits ran out before then found a job (an estimated + 4 million), which makes the true figure closer around 8%.<\/p>\n
Betcha didn\u2019t know that government stats only count those who are currently collecting unemployment and looking<\/em> \u2013 a reported 1.6 million last month. 570,000 more, forced into part time work against their will, aren\u2019t counted.<\/p>\nFor all these shortcomings, you could at least use the 5.7% as an indication, until recent months. The entire rise from 5% can be attributed to the extension of unemployment benefits by three months, earlier this year. Had this not happened, the number we have learned to watch and love would be still 5% or less, as folks who used to be dropped off the rolls after six months are still counted.<\/p>\n
Clarification might be found in lost jobs \u2013 85,000 a month in Q1 vs. a recessionary 180,000 rate in 2001; 59,000 during Q2, and only 51,000 jobs lost in July, which was the 1st month in eight previous numbers weren\u2019t revised downward. So the economy, which grew at a 1.9% rate in Q2 (0.5% of that $78 billion in stimilus (sic<\/em>) checks thru June) vs 1% in Q1, proved amazingly resilient to $4.50 gas, $5 diesel, the credit implosion, and housing bubble.<\/p>\nIf the plunge in oil prices continues, coupled with a weak dollar and the surge in bargain repoed home buying, the employment picture should continue to show some signs of hope.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
If you think of the obstacles that have been thrown at our economy over the past few years (oil prices, housing market, credit crunch, ongoing war, etc.), you start to appreciate just how resilient it is. When you work in the recruiting space, you pay close attention to the economic trends, especially the leading indicators, since hiring is a lagging indicator. This ERE.net post caught my attention as it deals with an insightful excerpt from Jonathan R. Hefferlin regarding the latest jobs report: There is renewed economic clatter with unemployment up by 0.2 to 5.7%, like there was a couple of months ago when it rose from 5 to 5.5%.… Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[49,2],"tags":[899,49,538,926],"class_list":["post-1693","post","type-post","status-publish","format-standard","hentry","category-economy","category-hiring","tag-economic-trend","tag-economy","tag-hiring-in-a-slow-economy","tag-hiring-report"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p5Oho-rj","jetpack-related-posts":[{"id":1543,"url":"https:\/\/selectmetrix.com\/blogs\/2008\/04\/executive-hiring-a-challenging-priority\/","url_meta":{"origin":1693,"position":0},"title":"Executive Hiring A Challenging Priority","author":"Derrick Moe","date":"April 30, 2008","format":false,"excerpt":"From the Herman Trend Alert newsletter (sorry, no link): The economic slowdown here in the United States is not having the expected effect on the demand for qualified executive talent. ExecuNet's \"2008 Executive Job Market Intelligence Report\" finds that increasing demand, along with a shortage of qualified talent and sustained\u2026","rel":"","context":"In "Hiring"","block_context":{"text":"Hiring","link":"https:\/\/selectmetrix.com\/blogs\/category\/hiring\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2514,"url":"https:\/\/selectmetrix.com\/blogs\/2012\/07\/spinning-the-bad-economy\/","url_meta":{"origin":1693,"position":1},"title":"Spinning The Bad Economy","author":"Derrick Moe","date":"July 6, 2012","format":false,"excerpt":"The economy is in rough shape as most people know.\u00a0 However, I give credit to the Business Journal for attempting to spin a good story out of this hot mess.\u00a0 Here is the headline: Challenger report: June job cuts hit 13-month low Sounds positive and they lead off with this\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/selectmetrix.com\/blogs\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1221,"url":"https:\/\/selectmetrix.com\/blogs\/2007\/10\/and-the-economy-rolls-on\/","url_meta":{"origin":1693,"position":2},"title":"And The Economy Rolls On","author":"Derrick Moe","date":"October 4, 2007","format":false,"excerpt":"The latest Q4 hiring survey is out, this time from CareerBuilder and USAToday. From the press release with my emphasis: The survey, titled \"Q4 2007 Job Forecast,\" was conducted from August 10 through September 4, 2007 of more than 2,700 hiring managers and human resource professionals in private sector companies.\u2026","rel":"","context":"In "Generations"","block_context":{"text":"Generations","link":"https:\/\/selectmetrix.com\/blogs\/category\/generations\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1784,"url":"https:\/\/selectmetrix.com\/blogs\/2008\/11\/job-churn\/","url_meta":{"origin":1693,"position":3},"title":"Job Churn","author":"Derrick Moe","date":"November 10, 2008","format":false,"excerpt":"The Career News newsletter has a short article about \"job churn\" that provides some good news for our present economic situation. The immediate reaction of companies, in a slumping U.S. economy, is to pull back on hiring activity, declare hiring freezes and even make layoff announcements. But these are only\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/selectmetrix.com\/blogs\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2191,"url":"https:\/\/selectmetrix.com\/blogs\/2009\/12\/a-real-economic-prediction\/","url_meta":{"origin":1693,"position":4},"title":"A Real-World Economic Prediction","author":"Derrick Moe","date":"December 8, 2009","format":false,"excerpt":"This story from abcnews.com carries some weight in terms of a real economic forecast.\u00a0 It isn\u2019t good: More of America's largest companies will shrink their staffs than will hire in the next six months, according to the latest survey of their CEOs. Nineteen percent of the CEOs expect to expand\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/selectmetrix.com\/blogs\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1744,"url":"https:\/\/selectmetrix.com\/blogs\/2008\/10\/q4-hiring-stats\/","url_meta":{"origin":1693,"position":5},"title":"Q4 Hiring Stats","author":"Derrick Moe","date":"October 1, 2008","format":false,"excerpt":"I think it is safe to say that predictions in this economy are difficult AT BEST to make accurately.\u00a0 However, CareerBuilder has come out with their Q4 hiring forecast that contains some interesting information: HIRING IN Q4 2008 Going forward, 23 percent of employers plan to add full-time, permanent employees\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/selectmetrix.com\/blogs\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts\/1693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/comments?post=1693"}],"version-history":[{"count":0,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts\/1693\/revisions"}],"wp:attachment":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/media?parent=1693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/categories?post=1693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/tags?post=1693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}