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Job Market Outlook

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Gus_Iurillo

The U.S. job market has struggled since the recession, with only 46% of jobs lost having been regained and the real unemployment rate being much higher. Many laid off workers now take jobs with lower pay, with only 15% finding new jobs that have equal or higher pay compared to 1/2 in previous recoveries. Additionally, people lose more earnings potential the longer they are unemployed, and the average job search now takes much longer across all age groups. The current job market remains very challenging for many workers.

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Job Market Outlook/Trends in the New Career Economy The U.S. has shed 8.4 million jobs since the beginning of the recession, raising unemployment from a low of 4.6% to 8.1% at present -weve only regained 46% of jobs lost during that period -real unemployment is 19%, when factoring involuntary part-timers and people who have stopped looking altogether Only 56% Americans laid off between 2009 and 2011 had found a job by beginning of 2012 -more than 1/2 took jobs with lower pay -1/3 took pay cuts of 20% or more -Only 15% found new jobs with equal or higher pay While the economy has added 3MM net new jobs since recovery began: -6.1MM people were laid of between 2009 and 2011 By contrast in 2003-2005 period, 70% laid off workers found a job More than 1/2 did so at equal or higher pay When people lose their job during normal times (less than 6% unemployment), they lose an average 1.4 years worth of earnings -When unemployment 8%+, average loss is 2.8 years worth of pre-loss wages (Source: Columbia University study) In 2007, there were 1.8 unemployed people for every open job position and this has increased to a 3.2:1 ratio today. The average job search is now taking 43 weeks for a 35-44 year old -29% of unemployed population unemployed 1 year or more -For folks 50 and older, the average is 57 weeks -1/2 folks 55 and older have been looking 2 years or longer -the average worker who is re-hired can expect a 20-40% pay cut Sources: (Wall Street Journal, August 2012 Labor Bureau statistics) The Entrepreneurs Source Helping Transform Employees into Owners

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Job Market Outlook

  • 1. Job Market Outlook/Trends in the New Career Economy The U.S. has shed 8.4 million jobs since the beginning of the recession, raising unemployment from a low of 4.6% to 8.1% at present -weve only regained 46% of jobs lost during that period -real unemployment is 19%, when factoring involuntary part-timers and people who have stopped looking altogether Only 56% Americans laid off between 2009 and 2011 had found a job by beginning of 2012 -more than 1/2 took jobs with lower pay -1/3 took pay cuts of 20% or more -Only 15% found new jobs with equal or higher pay While the economy has added 3MM net new jobs since recovery began: -6.1MM people were laid of between 2009 and 2011 By contrast in 2003-2005 period, 70% laid off workers found a job More than 1/2 did so at equal or higher pay When people lose their job during normal times (less than 6% unemployment), they lose an average 1.4 years worth of earnings -When unemployment 8%+, average loss is 2.8 years worth of pre-loss wages (Source: Columbia University study) In 2007, there were 1.8 unemployed people for every open job position and this has increased to a 3.2:1 ratio today. The average job search is now taking 43 weeks for a 35-44 year old -29% of unemployed population unemployed 1 year or more -For folks 50 and older, the average is 57 weeks -1/2 folks 55 and older have been looking 2 years or longer -the average worker who is re-hired can expect a 20-40% pay cut Sources: (Wall Street Journal, August 2012 Labor Bureau statistics) The Entrepreneurs Source Helping Transform Employees into Owners