May Job Numbers Released; Unemployment Rate Rises to 9.4%

May Job Numbers Released; Unemployment Rate Rises to 9.4%

2009-06-05 08:05:39
Today the Bureau of Labor Statistics released their job number for May, bringing the unemployment rate to 9.4% after a loss of 345,000 jobs last month.  While the number may seem large to many, it is actually the lowest number of losses since this past September, which many are hoping is a sign of the eventual recovery of the economy.
Here are some highlights from news outlets covering the report:
  • The New York Times reports some economist believe that even after the economy as a whole takes a turn for the better, the job market will continue to be dismal. While lay-offs my slow, re-hiring will likely not pick up for some time, as companies will turn to temporary workers vs. hiring full-time employees.
  • The economy has lost six million jobs since the recession started in December 2007, according to the Wall Street Journal. The majority of these losses have occurred over the past six months.
  • The number of unemployed is not up to 14.5 million individuals, reports BusinessWeek. Manufacturing saw one of the largest declines, with 156,000 losses in May, with construction losing 59,000 and retail 17,500.

So while some are viewing today’s news as a shift in the right direction, for those currently out of work, the situation continues to be frustrating as there are even more people competing for the available jobs that seem few and far between. For anyone in this situation, or worried about what may come, we encourage you to check out some of the advice from our HR and career expert Rusty Rueff.  In fact, you can read his advice in two recent articles that have posted:

As always, we hope Glassdoor.com is a valuable resource in researching companies you are interested in working for.  And don’t forget to read though the Interview Reviews and Questions before heading into any interview you may get lined up- it will help you know what to expect and hopefully give you that leg up against the competition.

Categories: In the News

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