The headlines today kind of make it hard to enjoy this nice, unseasonably warm Friday.
Ed spent the morning outside the CME Group to preview the new unemployment numbers that were due out this morning. Those numbers have since been released, and show that
last month, unemployment rose to 10.2 percent. The last time unemployment was above 10.2 percent was when Ronald Reagan was president, Harold Washington had just been elected mayor of Chicago, and “Sweet Dreams (Are Made of This)” and “Every Breath You Take” were among the hits on the radio. But the unemployment figures are back up there again now, and they're likely to get even worse.
In real numbers, 10.2 percent means 16 million people without work. This is even though the Dow Jones has climbed back past the 10,000 mark, nobody is talking about a return to the 1930s anymore, and officially, and they’re saying the recession is over. By some standards, it is. But it’s hard to convince people of that when unemployment has been getting worse for 22 months straight – the longest on records dating back 70 years.
Last week, the federal government said the economy grew at a 3.5 percent annual rate in the July-September quarter, which is evidence of a rebound. But it’s not enough of a rebound to bring on rapid hiring, and the prospect of a jobless recovery is looking likely.
Ed spoke this morning with Performance Trust Capital Partners Vice President Brian Battle, who talked about the significance of unemployment figures.
He also talked with Michael Erwin of CareerBuilder.com about how to search for a job when unemployment is high and rising.
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