Jobless Rate Makes Job Searches Much More Difficult

The jobless rate jumped in December to about 7.2 percent, which they say is the highest rate since 1993. Not so scary, since we know we all survived 1993, right? Remember, we’ve survived worse – not you personally maybe, but your family members who are older, have survived much worse and maybe even emerged all the stronger for it in the end. Think the Great Depression, which most experts say this current economic crisis will not turn into, a lot of people were in dire straits during those times, but those that emerged did so as a stronger entity, and a more frugal and wise one at that.

Now, with so many people on the hunt for jobs and employers cutting hiring and laying off, or cutting out certain jobs all together, it’s getting harder and harder for those that are out in the job market to find jobs that fit their needs as well as pay equal to what they were making at their past job. That last part is key, many people are taking huge pay cuts at another job, just to be gainfully employed with benefits and a steady paycheck, which is contributing to further decline in consumerism and other problems that are contributing to the economic crisis.

Think of it as a machine that feeds itself by perpetuating things like joblessness and consumer demand, it’s a vicious cycle, which is part of the large problem of solving he current crisis. It’s built momentum, and it’s hard to stop anything that’s built so much momentum easily, so that’s the problem we will be faced with for many more years. Sure, we may begin a recovery in 2010, but it will not fully surface back to it’s pre-woe levels for a while, which is the scary part, especially for investors!

Because the recession is so multi pronged, it’s hard to find jobs in most industries. One of the only industries that may not be facing serious cutbacks and may still require some professionals is the medical industry – for instance nurses and doctors, anesthetists, etc. The current problem has infested most industries, including the banking industry, energy, insurance, retail, auto, restaurant and more. By the way, one of the fast food restaurants that is seeing a nice increase in business since the hard times set in is Subway, apparently they timed their five dollar offerings menu perfectly with the current state of the economy.