Where the market is today
After delays from the government shutdown, the latest job numbers came out this morning. The overall "unemployment" rate increased to 4.6% in November, which is the highest level that we've seen since the pandemic.
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:
7.8 million people are unemployed (1.9 million of these for 27+ weeks)
5.5 million people are employed part-time for economic reasons
6.1 million people are not counted in the labor force but want a job
= 19.4 million people who are unemployed or underemployed
With a total US labor force of roughly 170 million workers, we're looking at a 11.4% unemployment/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 ~90,000 followers on LinkedIn. There's more pain beneath the surface than the headlines suggest.
The number that was most striking to me here is the 5.5 million people who are employed part-time for economic reasons - this was at 4.6 million in September, so we've added 900,000 people in 2 months who are in part-time roles in order to stay afloat. Again, I'm not completely surprised here - maybe more relieved that the numbers are catching up to the reality that I've been hearing about.
If you are looking for roles right now, hang in there - this market is challenging, as you see from the data above. Interestingly, I am seeing an uptick in people finding roles within the past 2 weeks, which I am hopeful will continue in the new year. I've had 2 clients in their 60s start new roles since we started December. Both came from corporate backgrounds and made industry shifts - one into nonprofit work, the other into government consulting. People are finding work - it may take longer than it would in a typical market, but it can be done.
Feel 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.
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Take care of yourself -
Colleen
