Jobs are scarce now, and will be fewer.
By Daniel at 23 July, 2009, 11:22 pm
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It’s difficult time to find a job/suitable job. In particular, people has lost his confidence in finding another suitable job. The situation doesn’t give people much choice for jobs. Paying bills and buying food is now the priority for people. Find a job and suck it up.
“Bernanke’s testimony failed to give financial markets the exit strategy they are seeking. At the same time, the rally in equities is probably built on unsustainable 2Q profits, suggesting that the US recovery will be even slower than anticipated.” - Quarter Pedowitz
Most of earnings of “better than expected” built on cost control. Companies still cutting position or salary to save money. There is no sign of job recovery anytime soon, people may struggle to live without a job up to a year long if not longer in this recession.
Weak recovery to provide little relief for jobless
Even if the economy begins to recover this summer, as some economists expect, growth will likely be anemic, and unemployment will continue to rise. Most private economists and the Federal Reserve expect the unemployment rate to top 10 percent by year-end. The rate for June hit 9.5 percent, a 26-year high.
Job seekers are trying to pounce on any potential opportunity. J.C. Penney Co. Inc. opened a new store in New York City on Thursday, creating 500 new positions. Company officials told The Associated Press that they received 15,000 applications — an average of 30 for each opening.
Economists say job creation will be weak even if the economy begins to recover this year. The reasons include:
– Huge slack in the labor market. Besides the 14.7 million Americans officially counted as unemployed, nearly 9 million people are working part-time but would prefer full-time work, the Labor Department says. Those people will escalate the competition for any new jobs.
– The average work week is at a record low. That means companies could squeeze more work from their existing employees before hiring new ones.
– Economic growth will be weak. A rebound is widely expected in the second half of this year in part because industries like housing and autos will inevitably recover from abysmally low production levels. Consumer demand, which is necessary for a sustained recovery, is likely to remain subdued.
http://finance.yahoo.com/news/Weak-recovery-to-provide-apf-1828832756.html?x=0&.v=7
People are now simply sit there and wait for economic turnaround before start to find a job again.
Unemployed Are Giving Up For Seeking Jobs
In some U.S. states, nearly half of the job seekers who have stopped looking for work have done so because they simply don’t believe they’ll find anything. Indeed, the number of discouraged workers nationwide has more than doubled in the past year. This trend won’t be reflected in the widely publicized unemployment rate, as discouraged workers aren’t included among the unemployed. Still, in states as diverse as Mississippi, South Dakota, and New York, the span of this often invisible slice of workers signals a population losing its hope.
http://finance.yahoo.com/news/States-Where-the-Unemployed-usnews-3479448580.html?x=0
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