January 2015 Job Numbers: Let the Numbers Speak for Themselves

The job numbers were released this past Friday and while they are starting to improve, it's still important to be cautious. If you look closely, you'll see that the numbers aren't improving much for minorities, the average work week is not 40 hours and, most importantly, the U-6 number is at 11.3%. 

Job Numbers for January 2015

The following number were extracted from the Bureau of Labor Statistics Economic News Release and refer to Tables A1 – A20 and Tables B1, B2, B3, B7, B8 and Summary B.

·         The unemployment rate is 5.7%.

·         The number of unemployed person was 9.0 million.

·         Among the major worker groups, the unemployment rate for teenagers (18.8%), the jobless rates for adult men (5.3 %), adult women (5.1%), whites (4.9%), blacks (10.3%), Asians (4.0%), and Hispanics (6.7%) showed little or no change.

·         The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 2.8 million. These individuals accounted for 31.5% of the unemployed.

·         The labor force participation rate rose by 0.2 percentage point to 62.9%, following a decline of equal magnitude in the prior month. Total employment, as measured by the household survey, increased by 435,000.

·         The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged in January at 6.8 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.

·         2.2 million persons were marginally attached to the labor force, down by 358,000 from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.

·         Among the marginally attached, there were 682,000 discouraged workers in January, down by 155,000 from a year earlier.

·         U-6  - The total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force is 11.3%.

·         Total nonfarm payroll employment rose by 257,000 in January. Job gains occurred in retail trade, construction, health care, financial activities, and manufacturing.

·         The average workweek for all employees on private nonfarm payrolls was unchanged at 34.6 hours in January.

·         The average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents to $24.75.

Job Search Tips for the Young Adult

I was looking at a listing of the top niche job boards the other day and noticed that there were a couple geared towards college interns and recent graduates. They caught my attention not only for the number of young adults who ask me for job search help but also because we have a college senior in the family.

As I looked at the postings listed, I noticed that a few of them were for jobs at young start- up companies and some of those companies didn’t have a web presence. I thought that was an oxymoron since I naturally associate the “young” companies with having a current social footprint or presence. The lack of a social presence was a red flag to me; it’s like a job seeker not having a LinkedIn profile and expecting to find a great job right away. I then went over to Glassdoor.com and looked to see if these companies were represented and if so, did they have any reviews. Sure enough, many of these companies received poor reviews for misinterpreting the job responsibilities or other infractions. Students who were eager to find their place in the workplace, were getting duped.

Maybe students are not as gullible as I was at that age but with the unemployment rate for those in the 20 – 24 age range about 9.8% it was disappointing. I thought about the information I could pass along to my son about some of these companies and here’s what I suggested:

• Use LinkedIn for company feedback. Go into stealth mode (or not) and review the profiles of people who work at these companies. Look into the feedback in groups too.
• Use an organization such as Glassdoor.com to review company feedback. Not only read the comments but look at the charts and statistics as well.
• Ask your college career office for feedback. Ask your family for feedback.
• Look up the company’s on line presence. Are they on Facebook, Twitter or Instagram? Do they have a website?
• Take a look at the company location. Can you drive there? Is there parking? What’s the neighborhood like? Use a map application or if possible, take a drive.
• If you are called for an interview, and you are comfortable with the company, go for it. Ask thorough questions about the company products and services. Ask about the strategic direction and the day to day operations. Ask specific questions about the position. Look at the staff and surroundings. Listen to your gut.

When my son and his friends talk about the tough job market and how some of the companies are bogus or misrepresent the positions I tell them that it was like this when I was entering to workforce too. The key is figuring it out through research and work. I also remind them that an interview is two-sided. You are not only showcasing your skills, knowledge and behaviors for an organization but they need to sell themselves to you, too. In the end, if the company isn’t for you, look at the process as a chance to learn, practice your interviewing skills and move on.

Baby Boomers and the Job Search

Last night at a local community college, I gave Part One of a job search program that I've designed for older adults. The program called, You Lost Your Job, Now What? is designed for people over the age of fifty. Last night we addressed organizing a job search and career assessment. Part Two is all about resume writing and cover letter preparation and Part Three sums everything up with interviewing and networking.

It was a toasty 19 degrees as I slid out the door at 4:30 pm and I thought that of the five people who enrolled, perhaps one or two might show up. The temps were dipping further south and there was no way people would want to head out to the school, park a mile away and then trudge through the ice and snow to a job search class. 

I was wrong. While one man came in early, eleven people trooped in right before the session started. They weren't all local either. They came from different counties and one woman came from another state. Their stories were all different yet all the same. Of the twelve people there, two were former business owners who were having a tough time finding work for companies, one left on his own to knock off a couple of bucket list challenges and the rest were unceremoniously dumped from their former positions while in their fifties and after giving their organizations long-term careers. I could relate; I've been in their shoes. I told them my own story.

The program was great and our objectives were hit. As we wrapped up I asked the group if they wanted to continue with the remaining sessions of the class in February as scheduled or wait to finish in the spring. They all wanted to pick up next week. Why am I not surprised?

The Baby Boomer generation continues to be slammed in the job market although the monthly unemployment numbers tell us an altogether different story. This is the generation that is picking up consulting work or toiling away at two or three jobs to keep the lights on or get their kids through college. I was in a room surrounded by hundreds of years of knowledge, experience, persistence, successes and failures. Organizations view them as money sucking dinosaurs; I view them as heroes. 

I cannot believe that I thought that no one would show up for the training.