Under Pressure
It's another decent 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 4.3% and 115,000 jobs were created in April.
But, let's dig into the numbers a little bit.
7.4 million people are unemployed (1.8 million of these for 27+ weeks)
+ 4.9 million people are employed part-time for economic reasons
+ 6.1 million people are not counted in the labor force but want a job
= 18.4 million people who are unemployed or underemployed
For their analysis, the BLS considers 170 million people as part of the overall US workforce, so that gets us to a 10.8% 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.
On top of that, LinkedIn research shows that nearly 80% of people feel unprepared to look for work in this new world of AI. That doesn't mean that people aren't looking for work: 52% say that they are currently seeking new jobs and the number of US applicants per role has doubled since of 2022. But with 59% of recruiters telling LinkedIn that they are using AI to identify talent, it's hard to know the right next steps.
I'm not trying to ruin your Friday happy hour or Mother's Day 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 8 and Memorial Day weekend is coming in 2 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.
When everything is going well, the rule of thumb is that a job search takes an average of 5 months. 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 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 experienced 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 who create content really 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.
Do you have a question for me? Reply to this email and let me know - your question may be used in a future newsletter.
ps: I'm filling up fast in Q2 - I do have a few open spots right now if you've been thinking about working together. Here is a link to my service offerings and here is a link to my calendar if you'd like to setup a time to talk.
Take care of yourself and have a wonderful weekend!
Colleen
