June jobs report: Hiring Slows, Unemployment Rises

By Annalyn Censky @CNNMoney July 8, 2011: 12:16 PM ET

NEW YORK (CNNMoney) -- The job market hit a major roadblock last month, as hiring slowed to a crawl and the unemployment rate unexpectedly rose.

The economy gained just 18,000 jobs in June, the government reported Friday, sharply missing most expectations and coming in even weaker than the paltry 25,000 jobs added in May.

It marked the weakest month since September, when the economy was still losing jobs. Immediately after the release, stock futures plummeted and bond prices rose.

"At first, when I heard it, I thought maybe they had announced the wrong numbers, they were so bad," said Robert Brusca of Fact and Opinion Economics.

Economists were expecting government job losses, but few had predicted that private businesses would pull the reins back so tightly.

Private businesses added only 57,000 jobs in June - the weakest growth since May 2010. Earlier this year, businesses had been adding more than 200,000 jobs each month.

"You look at the charts for private sector growth and you could see, we were building a nice, steady crescendo," Brusca said. "All of a sudden the bottom fell out!"

The main culprit economists are point to: uncertainty.

Businesses are hesitant to hire given uncertainty surrounding federal spending cuts and tax policy, as Congress still has yet to reach an agreement on the debt ceiling and long-term measures for trimming the nation's deficit.

"I think a lot of this is the backlash to the impasse in Washington," Brusca said. "If you're a small business man, you sit back and say I'm not doing anything, I'm not hiring -- until I see what happens in Washington."

But a variety of other factors also could have contributed to the recent weakness.

"There isn't a single silver bullet -- there are a number of factors coming together," said John Silvia, chief economist for Wells Fargo. "The tsunami, floods, higher gas prices, and the stalemate in Washington all create a lot of uncertainty."

0:00 / 2:28 Government bleeding jobs, no end in sight More bad news: June's jobs report follows an already dismal report from May. Economists, for the most part, were hopeful that June would be better, predicting about 125,000 jobs added during the month, according to a CNNMoney survey.

But instead, the June jobs report brought bad news on nearly every front.  The government revised the jobs numbers for April and May both downward, average weekly hours and wages fell, and the unemployment rate rose to 9.2% from 9.1% in May.

Meanwhile, the total number of unemployed people rose to 14.1 million.  A whopping 44% of those folks, or 6.3 million people, have been unemployed for 6 months or more. The average length of unemployment is 39.9 weeks -- an all-time high.

The underemployment rate, which includes people who want to work full-time but are forced to work part-time, rose to 16.2%, its highest rate since December.

Overall, the job market is still far from a full recovery. The economy needs to add about 150,000 jobs a month just to keep pace with population growth.

So far, the nation has only gained back about a fifth of the 8.8 million jobs lost since the recession began.

Read the full story at: http://money.cnn.com/2011/07/08/news/economy/june_jobs_report_unemployment/index.htm

0:00 / 0:51 Forecast grim for job companies

Read the full story

The Latest Jobs Report

JUNE 2011
U.S. Department of Labor, Bureau of Labor & Statistics

Nonfarm payroll employment was essentially unchanged in June (+18,000), and the unemployment rate was little changed at 9.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment in most major private-sector industries changed little over the month. Government employment continued to trend down.

Household Survey Data

The number of unemployed persons (14.1 million) and the unemployment rate (9.2 percent) were essentially unchanged over the month. Since March, the number of unemployed persons has increased by 545,000, and the unemployment rate has risen by 0.4 percentage point. The labor force, at 153.4 million, changed little over the month. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (9.1 percent),  adult women (8.0 percent), teenagers (24.5 percent), whites (8.1 percent), blacks (16.2 percent), and Hispanics (11.6 percent) showed little or no change in June.  The jobless rate for Asians was 6.8 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)

The number of persons unemployed for less than  weeks increased by 412,000 in June. The number of long-term unemployed (those jobless for 27 weeks and over) was essentially unchanged over the month, at 6.3 million, and accounted for 44.4 percent of the unemployed. (See table A-12.)

The civilian labor force participation rate was little changed in June at 64.1 percent. The employment-population ratio decreased by 0.2 percentage point to 58.2 percent. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged in June at 8.6 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

In June, 2.7 million persons were marginally attached to the labor force, about the same as a year earlier. (These 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. (See table A-16.)

Among the marginally attached, there were 982,000 discouraged workers in June, down by 225,000 from a year earlier. (These data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.7 million persons marginally attached to the labor force in June had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities. (See table A-16.)

See the complete report at: http://www.bls.gov/news.release/empsit.nr0.htm

 

KGW.com says Oregon's unemployment numbers don't tell the full story

KGW.com

Posted on June 14, 2011 at 11:34 AM

Updated Wednesday, Jun 15 at 10:42 AM 

PORTLAND, Ore. -- Oregon's unemployment rate continues to fall, but that figure masks a slowdown in job creation that's consistent with the softening of the national economy.

The state Employment Department said Tuesday that, on balance, Oregon has added only a few hundred jobs since March. 

That follows a stretch from October through February when Oregon gained nearly 6,000 jobs a month.

The unemployment rate is based on a survey of households. State officials say it can take time for the impact of hiring and layoff decisions to show up in the survey results.

As of May, the unemployment rate stood at 9.3 percent, just two-tenths of a percentage point above the national average. During the recession, Oregon's rate was second highest in the nation. In April it was tied for 11th highest.

Portland unemployment dips to 8.9%

Portland Business Journal - by Suzanne Stevens, Web editor

Date: Wednesday, May 25, 2011, 7:33am PDT

 

The Portland metro area added 1,600 jobs in April, which helped bring the unemployment rate down to 8.9 percent. 

 

Portland's jobless rate was 9.3 percent in March and 10.7 percent a year ago, according to data from the Oregon Employment Department. The national average is 9 percent, and Oregon's unemployment rate in March stood at 10.2 percent.

The biggest gains were seen in construction, which added 1,000 jobs in April, and manufacturing, which gained 400 jobs.

While unemployment remained high in some of Oregon's rural counties — Crook County has the highest rate at 15.3 percent — all but three Oregon counties reported a decline in jobless rates.

@pdxbizjournal | sstevens@bizjournals.com | 502-219-3480

Read more: Portland unemployment dips to 8.9% | Portland Business Journal

New Job Hunting Skills for "Seasoned Professionals"

Been a while since you were last on the job hunt? No sweat. Here's a refresher course.

By Ellie Butler

Picture this: You have recently lost your job as an executive in a faltering company. After months of searching the Internet, you finally land an interview at a company. You dress up in your best, albeit older, suit and head to the interview, confident that you do not need to prepare anything because you are so well-qualified for the job. During the conversation you feel overdressed and uncomfortable with the casual nature of the interview. You leave feeling frustrated with the salary quoted and without a job offer. What went wrong?
In today's stumbling economy, many seasoned professionals are finding themselves jobless and unsure how to find a new career. Career coach J.T. O'Donnell (jtodonnell.com) and career expert Nicole Williams (nicolewilliams.com) offer five suggestions to help with today's job hunt.

1. Use your resources. While it is true that networking is still the No. 1 way to get a job, O'Donnell notes that many companies still need you to send an electronic résumé. So it is important that you know how to send and edit your résumé in the company's preferred format. Also, many companies now use computerized screening to look for keywords in your résumé. Be sure to tailor it to the specific job you are applying for, and make sure it is in a downloadable format. If they cannot read it, they certainly will not call you in for an interview.

2. Be prepared for behavioral-based interviews. The new trend in interviewing is all about behavioral-based interviewing, which uses past actions to determine future behavior. This type of interviewing relies heavily on personal stories and work-related anecdotes as a way to judge your character. Knowing this, go in ready to tell stories. Think of some of your past experiences that highlight your ability to problem-solve, mediate conflict or overcome obstacles. Don't go in blind hoping that a story will miraculously come to you midway through the interview.

3. Make sure to dress the part. Although it is still important to dress one level higher than the job you are applying for, O'Donnell cautions against dressing too formally. "Make sure that what you are wearing is current and job-appropriate," she says. Williams notes that it is important to wear something that makes you feel confident and comfortable, because if your outfit makes you feel powerful, then you will exude this confidence throughout the interview.

4. Come prepared with questions. The interview is winding down. You have answered all of the questions with relevant anecdotes that illustrate you as a person. You are feeling confident until the interviewer turns to you and asks, "Any questions for me?" This is your turn to shine and show that you did your research on the company. Ask specific questions about what your role will be rather than about the benefits package. Be sure to come up with some questions so that you look interested and engaged.

5. Do not come empty-handed. Make sure to bring copies of your résumé and your references and a pen and paper to take notes. Bring a list of questions you have already planned out, and take them out at the end of the interview so that your interviewer can see how prepared you are. For even more clout, prepare a folder full of information about the company and know all of its key people and clients.

Job Hunting with Social Media

By Jane Fouts, Thu, Apr 2, 2009

Whether you’ve been laid off, fired or you’re looking to upgrade your current job, social media networks and tools make it a whole lot easier to look for a job on-line. Not only do you have the potential for using your own network to find something, you can use your extended network to help in your search and use social media tools to find the right places to look. Now instead of mailing out resumes blindly you can take a pro-active approach. Use attraction based marketing by building a personal brand on-line that pulls the jobs to you.

Your Social Media PresenceSocial media also makes it a whole lot easier for HR to research who you are and get a little background. Maybe more than professional background, so it’s very important that you get out there and see what your social media profiles and presence looks like through a recruiters eyes. Do some searches on yourself. Try Google first because it’s the most common. Dig more than a few pages down and see what comes up. Then give Yahoo and MSN a try too. You very well may find different information.

Make a list of the positive and negative references out there and make a plan to deal with them. Ask your college room-mate to take down the picture of you dancing on the bar in a toga with a beer bong. Some things may not be correctable. Have your explanation ready so you’re not caught off-guard. Odds are you won’t need it but be prepared.

Balance out negative things said about you on sites like MySpace and FaceBook by asking your friends to post referrals or positive comments. “Just checked out Anna’s portfolio and she positively ROCKS!!!” can’t hurt you, especially if it’s true. If you have enough positive comments and information about you, the one bad reference will disappear under the avalanche of positive information.

Check your credit score and clean up those records too. It’s quite common for an employer to run a credit score.

Your profilesIf you’re new to social media this is a good time to get involved. There are a host of options out there to help you put your best foot forward. Crating a Twitter, Facebook and Linkedin profile allows you to reach a variety of people. Create the profiles carefully and choose the people you connect to with an eye for professionalism. I can’t get into friending strategy here, but remember you want to focus on quality not quantity and make sure to build your relationships so people are in a position to recommend you.

ResumesThere are a wonderful array of tools to create a resume on-line. You should think about who you’re going to be talking to and create a resume that suits the need. Maybe you’ll have a different resume for each field you’re qualified in.

VisualCV Create a resume and upload portfolio items, PPT slide sets, Audio or Video to enhance the presentation. Layout is modifiable and the user can download as a PDF to print or email.
Razume helps you build your resume and then you can get crowd-source reviews from other users in the community. Fine tuning with this kind of input from your peers can really make a difference. The site also offers job search right on the site.

ResumeSocial is a social resume community similar to Razume, but it’s got the added benefit of user reviews of your cover letters, follow ups job search and a career center with useful tips and info.

NetworksSome networks will be more useful than others depending on what your needs are. You may want to look at some forums or blogs where people in your industry hang out. If your business is corporate, you may want to connect on the professional networks like Xing and Linkedin.

LinkedinOne of the best possible tools for networking with fellow business people. Set up your profile before you do anything else. Get a picture and your resume up to date. If you have a visual CV, link to it. Use the tools available on Linkedin to show off your Power point slides through Slideshare. Import your blog rss feed or your twitter stream.

Now go through your contact databases and start connecting with people. Once connected, take the time to look for the real gems you’ve worked with and give them a recommendation on the site. Do not expect they will automatically recommend you back–but if it’s appropriate–ask for a recommendation. If a former employer or co-worker turns up, connect first, ask for a recommendation second. Not everybody responds to requests like this quickly. It can take a week or more to hear back from some, so be patient. If you’re in a hurry and you have their contact info email them directly and tell them you’re on the market, what kind of job you’re looking for and ask them to post a recommendation. Don’t be shy.

Linkedin Answers are another way to get out there. Answer questions in your field with thoughtful and helpful answers. Ask provocative questions that show you’re at the top of your field. Scan both questions and answers for people you want to connect with and message them through inmail or the QA system. Think your responses out carefully. Fact check and check for typos before it goes live. Don’t be obviously self promotional. This is the age of “give before you get” and you need to be giving, useful and helpful at all times.

Linkedin Groups can be hugely helpful for networking, establishing your authority and getting seen. Find networks in your field and join. Read them for a few days before you start talking to get the lay of the land and understand the ecosystem of the group. Every group will be different depending on who is involved.

It’s OK to let people know you’re looking for work, but be careful how you say it. Be up-beat and positive and tell people what you’re looking for. Limit how much of this you do to within reason. People will eventually ignore you if you “spam” them with requests for help. Look for groups for entrepreneurs and investors too. Who better to know who will be hiring soon? There are also groups specifically for job seekers.

Last thing about Linkedin groups. Once you join a group and participate you can connect to the groups users through Linkedin. If you are an active and valued participant in the group they are more likely to accept the connection.

XingXing has many of the same benefits as Linkedin, so I’m only going to add the ones that are special to Xing. Xings forums are an excellent place to look for jobs and there are some specific to job hunting. Their freelancer forum is particularly useful.

SlideshareSlideshare allows you to upload presentations and share them with others. Maybe your presentations at your company were private, but these don’t have to be presentations you actually gave. Create a presentation about your area of interest that teaches something. Make the slides tell the whole story. You can add audio tracks if you want to, or just let people go through the slides to get the gist of it. Slides on SlideShare often get downloaded and used in presentations which helps you spread the word. Share your slideshare presentations with your networks and put them up on Linkedin.

VideoAre you able to do a video demonstrating a process or your skill set? How about a video presentation about how you see your market changing or opportunities? You could even do a video resume and post it on YouTube, Seesmic or Vimeo. If it’s appropriate do a series on 12seconds.tv with industry tips and tricks then post a widget full of them on your blog.
Searches and introductionsIt’s quite common on Linkedin to leverage your network to meet new people. Are you looking to work with a certain company? Do a search in Linkedin and see if there are representatives of the company registered. If they are within the reach of your network you can ask a friend to put you in touch with that person. If not, you can often send them an invitation to connect or an inmail and reach them that way. Look to see if they have posted any questions and answer them, or send them an email asking for clarification or commenting on the question. Don’t stalk them, but be helpful.

TwitterTwitter is an amazing networking tool and allows you unprecedented access to C level execs as well as recruiters and co-workers. Before you start connecting though, make sure you’ve got a well constructed profile. Build your profile out and link to your blog, a landing page with more info about yor, or your VisualCV or resume so people can learn more about you. Remember that everything you write on Twitter is archived in just a few minutes by the search engines. You can’t delete it from the search engines. Again, this is a huge opportunity to demonstrate your knowledge of your business and that you have your finger on the pulse. Share links to newsworthy items. Connect with friends who can help you. I’ll get to some search tools for this in a minute, but use search.twitter.com to find people talking about your area of expertise and dive into the conversation. A new Hashtag just showed up on Twitter this week called #Hirethisgrad users post their skill set along with the Hashtag and a link to their CV’s and people looking for those skills can easily scan the Hashtag for the skills they need. Follow @Twithire to hear about jobs as they hit Twitter.
Already established on Twitter? It may be as simple as letting your loyal followers know you need a job. Be specific about what you want in a job and ask for help.

Got a blog?Start blogging about your field of interest. Demonstrate your authority. If it’s appropriate in your industry make your blog personal too. People will want to get to know you. Share your job hunting secrets or talk about changes in the industry that affect jobs. Again, keep it clean, don’t be negative. Feed your blog into your twitter stream if you have one. If your blog is established but not about your area of work interest. Start another blog. You can do a free one on WordPress in a few minutes and be on your way to creating a resource blog for your niche.
While we are talking about blogs, look for the ones that post job listings and subscribe. Jeremiah Owyang posts web strategy jobs on his site. The Social Media Club posts social media jobs.
SearchListening is the number one skill you need to find a job using social media. Set up listening tools for the companies you’re interested in, the jobs descriptions or fields you’d like to be in etc. Share that info with your networks and suddenly you’re a resource people rely on for information in that space. Then when a job comes up in your search you’re informed and ready to go.

Don’t forget to search for yourself too. It’s not about ego. You want to know what people are saying about you so you can either put out the fire or join in the conversation.
Set up some Google Alerts.
Twilert will send you a daily, weekly or monthly email with the keywords or user names you want to track.
SM2 from Techrigy can give you a pretty in-depth look into conversations with tracking and statistics for free.
WhosTalkin can give you a way to quickly search a variety of networks to see who is talking about the space, company or person you’re interested in.
SocialMention looks for mentions of keywords in social media sites ranging from Twitter and blogs to forms and video.

Search for companies or individuals you want to connect with and then connect through the network or directly. Learn about the corporate culture ant a company or find out more about the personalities of the people you want to work with.

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Minimum Wage Jobs, Should We Shouldn’t We?

By Wendy Werner

Just when you thought you’d be a stay-at-home-mom for many years to come, you now find yourself needing to go back to work. This economy is affecting families in ways they never imagined. For some, the “nice office”, corporate job is just not going to be an option. With so many people unemployed, companies are tightening their requirements like a college degree and prior work experience. That may leave you with less than the best options, but don’t be discouraged. If you’re thinking about a service industry job (restaurant, retail, etc.) or a minimum wage job, there are things you can do to find the best company for your family, but especially you!

Do the Numbers: does it make sense financially? Will it cost more to keep kids in daycare then how much you can earn.
Find Family Friendly Companies: Working Mother evaluates many companies every year to find the most family friendly employers. http://www.workingmother.com/?service=vpage/109
Are They Happy Employees: Remember what it was like the first time you ate at that restaurant or shopped in that store. The type of service you received is a telltale sign of what it’s like to work there. I’m always impressed when I go to Starbucks. The employees seem to be enjoying themselves and not carrying a bunch of “crappy job” stress.
Reputation is Everything: look for companies that have a good reputation in how they treat their employees. You’ll be surprised how much information is out there on the Web. Also, ask current employees and customers about their impressions.
Keep an Open Mind: be open to any job. You never know what could come your way!
Do the Research: make a list of all your needs and wants in an employer. Then ask, ask, and ask lots of questions!

Consider every aspect of finding a good company to work for and remember lots of companies are hiring!

Don't Get Discouraged!

Reports of America's decline are greatly exaggerated

By Steve Yetiv Steve Yetiv – Thu Mar 12, 4:00 am ET

Norfolk, Va. – Is America really in serious decline?

Hardly a day goes by that I don't hear someone say so. Even President Obama captured this anxiety in his inaugural speech, pointing to a "nagging fear" that America's "decline is inevitable."

Of course, America's problems – from banking and debt crises to foreign security threats – are very serious. But, as bad as things are, here are six reasons why America's starring role on the world stage isn't over.

1.The United States still has the most competitive economy in the world. Despite the recession, the US still has the greatest potential for cutting-edge economic growth. It ranks atop the World Economic Forum's latest global competitiveness study. And its companies remain the best.

According to the most recent Fortune Global 500 report, the US hosts more of the world's major companies (153, to be exact) than any other country. Even Japan lags way behind with just 64, while China is home to a meager 29.

Data crunching reveals that in 1992, US companies accounted for about 27 percent of the Global 500. That figure rose to 30 percent in 1995, 35 percent in 2005, and steadied at 34 percent in 2008. These figures hardly suggest decline.

2. The US is still a major international power broker. It continues to lead organizations that it spearheaded at the end of World War II: the International Monetary Fund, the World Bank, and the World Trade Organization. And that critical role enables it to capitalize on globalization better than can most major countries.

3. The US military is without parallel. To be sure, it has been stretched thin by the wars in Iraq and Afghanistan. But it remains the strongest fighting force in the world.

As just one indicator of its high-tech advantage, it has mastered stealth flight, while the Russians and Chinese are still in the theoretical planning stages for such technology – far behind America.

4. America's competitors lack good allies. Russia and China are suspicious of each other. Iran is at odds with key Arab countries. North Korea is a pariah. Libya is still in political rehab. Syria is trying to find itself in a globalized world. Meanwhile, the US has cautious but real allies in NATO, the European Union, the G-7 industrialized countries, and elsewhere that help it meet its national and international goals.

5. American ideals are becoming universal. Slowly but surely, self-government, free enterprise, and individual liberty are gaining ground around the world.

Take democracy. A century ago, just 2 of every 10 countries scored a 6 or higher in Freedom House's democracy scale – which ranges from 10 (completely democratic) to minus 10 (completely autocratic). In 2007, nearly 6 in 10 did.

6. The US attracts the world's best workforce. With global birthrates down, competition for the most educated workers has become more important. Many of the globe's best and brightest still seek to learn, work, and live here, creating a wellspring of American renewal.

Of course, America's economic growth has been overtaken by India and China in recent years. If China's economy maintains its torrid pace, it will eclipse America's in size by 2035, according to the Carnegie Endowment for International Peace. Yet, China has enormous domestic problems, and no country in history has been able to grow at double-digit rates for so long.

Economic output, in any case, is just one sign of power – America has multiple sources. And if America and its big market really decline, China and the rest of the world will suffer, too. Witness the current global crisis. China needs to cooperate with, rather than supplant, America to secure a better future for the world.

We've heard predictions of US decline before. Recall that Japan was widely heralded as the new power in the 1980s, with some wanting to write America's epitaph. Then Japan faced massive economic crisis in the 1990s, and America reasserted itself, as the Soviet Union fell.

At bottom, America's remarkable – and remarkably diverse – capabilities will ensure that today's crises are merely temporary setbacks. To paraphrase Mark Twain's joke about his own reported death, news of America's inevitable decline is greatly exaggerated.

• Steve Yetiv is a professor of political science at Old Dominion University in Norfolk, Va. His latest book is called "The Absence of Grand Strategy."