Where the market is now
The latest job numbers came out this morning and the headlines are more of the same: the overall "unemployment" rate is 4.2% and 139,000 new jobs were created in May.
I've been watching what I'm calling the "real job market index," which includes the number of people who are underemployed along with those who are counted in the base unemployment numbers. Here's where the "real job market index" is coming out this month:
7.2 million people are unemployed (1.5 million of these for 27+ weeks)
4.6 million people are employed part-time for economic reasons
6.0 million people are not counted in the labor force but want a job
= 17.8 million people who are unemployed or underemployed
With a total US labor force of roughly 170 million workers, we're looking at a 10.5% underemployment rate.
As I've said before, I believe this is a low estimate based on the anecdotal data that I'm seeing with my executive clients and my 74,000+ followers on LinkedIn. There's more pain beneath the surface than the headlines suggest.
This week, Procter & Gamble announced they were joining the layoff trend and plans to trim 7,000 employees. From my time at P&G, I know that this isn't something the company takes lightly and I can't help but wonder whether or not it's a signal for what is coming next. As we approach Q2 earnings, we'll all get a better idea of where the economy is right now and where it is going.
For now, my advice is the same: keep your network, keep your resume updated, and don't neglect your LinkedIn profile.
ps - It's not enough to have titles/jobs listed without any detail in LinkedIn - you need to have the right skills/keywords in your profile to make it easy for recruiters to find you.
ps2 - free free to forward this along to a friend who may be out of work or underemployed to let them know that they aren't alone. And if you aren't currently an email newsletter subscriber, you can sign-up and grab your free 43-page resume guide here.
Question of the week
The topic of interviewees being asked to do free work has really hit a nerve - what are your recommendations around this practice? Is this becoming more common, and why?
Should interviewees consider this to be a red flag, or not?
If interviewees don't do the work, are they basically losing out on the chance to get the job?
It is definitely becoming more common. I believe one reason why is that the job market is so competitive - it really is an employer's market. Companies will tell you that they do this in order to see what a candidate can deliver, but I have heard of companies taking advantage of this and using this "free labor" as part of their operations.
This is such a common practice today that it isn't always a red flag, but for me, you should trust your gut and if it feels like too much, then you should think through how interested you are in the role and if it's really worth it. If you don't do the work, then you probably are losing out on the job because companies will find someone who is willing to do it.
In case you missed these LinkedIn posts:
Here's how my 59-year-old VP client went from little traction in his job search to interviews with multiple companies in 3 months
Poll: What is your biggest career regret? (1575+ votes)
If you are 50+ and interviewing, you've got to prepare yourself for this question:
"I have 35+ years experience and I can’t find a job that pays over $20 an hour."
As a proud Procter & Gamble alum, I'm saddened to hear about the 7,000 layoffs that are on the horizon.
I just built my own custom GPT for my career consulting business.
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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:
Question of the Week: Do you have a question that you would to have answered in the Question of the Week? If so, reply to this email and let me know what's on your mind.
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Take care of yourself and have a wonderful weekend!
Colleen
