The monthly jobs report for September 2009 has been released, and about 263,000 non-farm jobs were lost in the month. Analysts had expected losses, but the actual number is worse than anticipated.
Wages of the jobs that stuck around are mostly flat, with a slight bias to the upside (about .1%).
Incredibly, the unemployment rate is unchanged at 9.8% – the worst since June 1983. Of course, if you’re majoring or minoring in economics you would know how many ways the number can be manipulated through creative redefinition.
For many years, Americans had earned the unsavory reputation of working more hours than most of our counterparts. Suddenly, we’re only averaging 33 hour work weeks and the general sentiment is we wish more work was available!
Despite extreme efforts to prop up the economy with bailouts and stimulus spending, an incredible wave toward deleveraging has begun. The momentum toward equilibrium is strong, and we can not completely offset the pain of contracting credit and paying back old debts.
Healthcare related jobs continue to grow – but now might not be the best time to study transcription. A move toward a more streamlined medical records process is likely to be a part of the evolution of healthcare reform over the next few years. Instead, take the more valuable road and learn about providing actual care for people. There are never enough nurses, doctors, or paramedics.
Education also continues to hold in and resist job losses. Despite falling budgets in many public schools, demand for education rises in tough economic times. Science and math teachers are in high demand, and when the economy does recover, scientists and mathematicians will also be in demand.
The job market may look like a nightmare, but that’s no reason to panic! A college degree is still the best way to get an in-demand job, and the increasing competition among unemployed will only increase the value of that college education.
October 23rd, 2009 at 4:01 pm
So many job cuts have been done this year. This has really affected so many people who had no other source of income except their full-time job. Few countries including USA have started coming out of the recession, so, the things may go better.
November 27th, 2009 at 8:25 am
I don`t believe the economy will start showing signs of growth in the nearby future. Most experts talk about a W curve in economic growth not a U one as predicted before. Things will seem to get a little better just to relapse afterwards.
December 11th, 2009 at 10:37 pm
Your last point is still right on. You are still way better off with a degree and it will pay off. Remember you have 40 or so years to make it pay off.
One tip for grads who can’t find a job, look for internships or volunteer for jobs that let you learn skills in your field…if at all possible. It is job experience even if you don’t get paid.
February 1st, 2010 at 4:50 am
According to a survey I read a few days ago, education and healthcare were the only sectors that saw positive growth in employment during the peak of recession. Clearly, these two fields were greatly in demand even at the height of economic crisis. Students looking to get into recession proof careers are likely to benefit from college degree programs in healthcare and education. If the job market is leaving you depressed, the time may be just right to earn a graduate degree in a sought after field. A friend recently enrolled in a graduate degree program at California College San Diego and has been raving about the job-oriented courses offered by the college.
August 12th, 2010 at 1:34 am
Several degree programs we join while it was pick but after finishing our degree their wont be any opportunities
August 27th, 2010 at 4:06 pm
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November 27th, 2010 at 4:45 pm
On the whole, New York State seems to be moving in the right direction. In a November 18, 2010 press release, the DOL reported that “New York State’s economy gained 40,500 private sector jobs, or 0.6%, on a seasonally adjusted basis in October 2010.” However, there’s a wide variance of unemployment rates throughout the state, ranging from below 7% to above 10%.
May 21st, 2012 at 9:14 am
There are so many jobs available right now in Australia in the Mining industry. Its like another gold rush, just for employment