Job Losses Slow but Unemployed Still Struggle to Find Jobs

The US Bureau of Labor Statistics (BLS) released the US employment statistics for July and for the first time since April 2008 the unemployment rate did not increase. While it appears job losses have slowed from their pace earlier this year, hiring has not picked up and unemployment remains high. As of July 2009, over one-third of the unemployed have been without a job for more than 6 months. Moreover, not all segments of the labor market are being impacted equally with men, teenagers, and workers without college degrees fairing worse. If the underemployed (marginally attached workers and those working part-time for economic reasons) are included with the unemployed the rate of underutilized labor jumps to 16.3%. Until the economy stabilizes enough for business to increase their hiring efforts unemployment will remain high and Recruiting will need to focus on strategies that address the weak labor market.