10% underemployment rate
It's another solid jobs report, right?
I mean, that's what the headlines are saying as I write this newsletter.
And, on the surface, the base numbers are in line with what we have been seeing - the unemployment rate is 4.2% and 177,000 jobs were created in April.
But, let's dig into the numbers a little bit.
6.6 million people are unemployed (1.7 million of these for 27+ weeks)
+ 4.7 million people are employed part-time for economic reasons
+ 5.7 million people are not counted in the labor force but want a job
= 17 million people who are unemployed or underemployed
For their analysis, the BLS considers 168.5 million people as part of the overall US workforce, so that gets us to a 10% underemployment rate (if we consider the folks who are unemployed in the overall number).
So, that means 1 out of every 10 people today are either without a job or are underemployed. My gut says that this is way understating where we are - studies show that over half of us are still struggling after the COVID disruption.
No wonder so many of us are losing our confidence in the job market (as reflected in this LinkedIn research and the graph above).
I'm not trying to ruin your Friday happy hour or weekend, but I do think we all need to be aware of where the market really stands as we try to figure out our next steps.
As I write this, it's May 2, which means Memorial Day weekend is coming in 3 weeks. Summer can be a slower time in hiring - this doesn't mean that you can't get hired during the summer, just that there are fewer jobs posted in a typical year and that it may be harder to get in front on the hiring team due to vacations, etc.
The typical job search takes an average of 5 months, but in this market, I'm seeing searches of 6 to 12+ months. Even if you start getting your plan in place today, you're probably looking at a fall or even winter move date. And with 17+ million people being either unemployed or underemployed, the competition is definitely fierce, so keep that in mind.
How are you feeling about things? Reply to this email and let me know what your thoughts are on this market.
Question of the week
As an aging leader with introvert tendencies, what advice or resources are out there to help me adjust to getting out of my comfort zone and growing my network with strangers in the industry I want to break into?
My biggest piece of advice is to keep it as natural as you can. If something really makes you cringe, you aren't going to stick with it.
If you have any friends or peers within the industry currently, send a quick note and ask them who you should be meeting. If they are open to introducing you to others, even better.
You can also start commenting on LinkedIn posts of industry leaders or those who you are looking to connect with. Most of us content creators appreciate it when people comment on our posts. After you've been commenting for a few weeks, reach out with a quick DM or message. You aren't asking for a job - you're just looking to start to connect.
In case you missed these LinkedIn posts:
Preview for talk with Andrew Seaman (Get Hired by LinkedIn News podcast)
Poll: What are your thoughts around the term "overqualified"? (2000+ votes)
I had never heard the term "AI-first company" until Duolingo announced that they were moving to this model.
5 outdated myths around hiring workers who are 50+
Job searching while working 60+ hours a week is brutal.
Want to up your game on LinkedIn?
Need a new resume or executive bio?
I deliver resumes, executive bios, LinkedIn profile optimization, and 1-hour strategy calls.
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Limited time only: We'll be offering the current version of the Ageless Careers Toolkit through June 30, so if you're looking to take the course, you'll want to start it now.
The Ageless Careers Toolkit is a self-paced job search program with 5 modules:
- Build Your Ageless Career: I answer your biggest job search questions and troubleshoot common issues for Gen X and Baby Boomer job seekers
- Write Your Ageless Resume: I've written 1000s of resumes - this is my 43-page guide for writing a winning resume
- Craft Your Ageless Cover Letter: My tips for writing a cover letter in 10 minutes or less
- The Art of Ageless Interviewing: Boost your confidence through my biggest interview tips
- Create Your Ageless LinkedIn Presence: We are going to optimize your LinkedIn profile so that opportunities find you
The toolkit includes both written guides and video presentations with 10 sample resumes across various functions (marketing, finance, engineering, manufacturing, sales, etc) and roles (Project Manager, Director, VP, C-Suite).
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Other ways that I can help:
Corporate Presentations: I deliver customized presentations for businesses and universities, offering webinars/in-person presentations across topics including ageism, resume best practices, LinkedIn optimization, job search, and more.
Hiring Help: Reach out if you have any open roles that you would like to share with this community.
Sponsorships: Reach Gen X and Baby Boomer executives by sponsoring this newsletter (we're currently at 4500+ subscribers for the newsletter and 71,000+ followers on LinkedIn, so you can easily reach a wide base of readers).
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Take care of yourself and have a wonderful weekend!
Colleen
