Unemployment data paints bleak picture
Last week, I wrote a post on tips for finding a job. On Friday, I saw why it’s so important to aggressively network, even well before graduation. The labor force expanded last March, but the unemployment rate held at a steady 9.7 percent. In other words, the labor force is expanding faster than the economy can create jobs, crowding out those entering the workforce.
Some of the unemployment data is even more disturbing. The average length of unemployment rose to 31 weeks, the highest since record keeping began 72 years ago. Even most of those who were hired are now in temporary positions, meaning they will be looking for work soon enough.
The Obama administration is considering additional stimulus efforts. Christina Romer, chairman of the Council of Economic Advisers, said theObama Administration may propose extending unemployment insurance and increasing state fiscal relief.
“You do need some more general support stimulus,” she told the Washington Post.
Government programs may help the economy in the long term, but such efforts may take months, maybe years, to create jobs.
Posted in Archives