Bleak Outlook for those who are Unemployed The Numbers Paint a Grim Picture
Photo: flickr via spicybear
We are all aware that money is tight for a lot of people these days, but somehow when the actual statistics come out it can still be quite shocking. A recent article by the Associated Press reports that over 20 million people in the US received unemployment benefits over the year 2009. The unemployment rate for the year reached a whopping 10 percent. It’s easy to see why retail sales are down when one out of 10 people are out of a job.
It has been a Drawn out Struggle for Some
While there are not as many workers being laid off or let go as there were in recent months, many employers are still reluctant to re-hire until they see a dramatic upturn in the economy. Some who have lost jobs have been fortunate and found work again, even though some of them find themselves in new jobs that aren’t optimal. While lifestyle adjustments are often required, those who have had to take on casual jobs to remain employed should count themselves lucky to have found some work. Among those without a job, 5.8 million were unemployed for over six months. This circumstance can take a toll not only on the pocketbook, but also on a person’s pride.
The Vicious Cycle
With so many people out of work or working low paying jobs, there is little money being spent. Businesses that rely on sales of some sort are still struggling to bring in customers. They can’t hire any more people, because they can’t make enough money to pay them, and they are forced to keep an eye on longevity instead of hiring a few more people in the here and now. Also, the government stimuli are beginning to run out, so there is less money for businesses to work with. Consumers are unable to spend, and companies are unable to hire, which makes the economic crisis geared for a longer period of time.
How Long is the Crisis Going to Last?
The unemployment rate is starting to decline, but not fast enough. Experts are forecasting that the unemployment rate will drop to just above 9 percent in a year, a 1 percent decrease from now. Since the job market has been so scarce, the government has had to extend the length of time a person can get unemployment benefits beyond 26 weeks several times in 2009, and it appears they will have to keep doing so.
Job Competition is Fierce
If you are one of the many Americans who is unemployed and looking for work the odds are definitely not great. It’s estimated that for every job opening there are six candidates that are unemployed. There obviously are other people to consider. This doesn’t include people that are employed but looking for full time or better paying opportunities.
Try to Remain Positive
It can be tough to stay optimistic is such trying times. Taking a casual job can be humbling, but take comfort in that you are at least working. Try to think outside the box. If you have skills for freelance work, this is a good time to put them to use. Companies are far more likely to take on freelancers than regular employees right now. The internet has opened up a wide range of online opportunities too.
