Are There Jobs Out There?Posted: June 5, 2021
I am not sure anyone really understands what’s happening with the economy or the labor market. I have a PhD in business and 35 years of experience in human resources and much of what’s happening does not make much sense to me.
According the May unemployment report form the US Bureau of Labor Statistics, the unemployment rate is hovering around 6.1%. There were hopes that it would have dropped more, and lots of talking-heads are suggesting why it hasn’t. But, here is what bothers me. In February 2020, before the pandemic, the unemployment rate was 3.5% and there were 152.5 million people who had jobs (this number excludes military and farm workers). That means that the total workforce (working plus unemployed) was approximately 158.1 million workers.
The May, 2021 numbers (6.1% unemployed and 144.3 million working), indicate that the total workforce was 153.7 million workers. Where did the 4.4 million workers go? If unemployment should drop to a pre-pandemic level of 3.5%, there will still be over a 4 million workers who appeared to have disappeared.
Rest assured, most of them are still with us. The overall population is still growing. The reality is they quit working and stopped looking for work. Many are Baby Boomers who just decided it was time to retire. Some are parents who decided to stay home with their children. Others simply just gave up.
But this is a blog about job search, not geeking out on the economy, so what does this mean to you? It means, there are jobs. In fact, there are likely to be labor shortages in some sectors. As “unprecedented” as these times are, the economy is rebounding, companies are hiring, and there are jobs. They may not be exactly what you were looking for, but those jobs may still lead to fulfilling and successful careers.
Bottom line: take hope, keep pressing ahead, work your network, tell your story, and you will be successful. If you need help with your jobs search, try this https://im-fired.com/about-the-book/.