Understanding the market in unprecedented times.
Novemeber 12th, 2009
Bright spots in dark times
For well over a year there has been a 24/7 spotlight on unemployment. There are also economists who foresee a very prolonged slow economy. These predictions are not encouraging to job seekers. As pointed out in this book, job seekers need to start out with the brightest perspective possible, and a strong belief system. So let's lok at some facts that will help you do that.
Unemployment rates selective
While unemployment remains high, the rate among college graduates is less than 50% of the national rate.
Further, unemployment is concentrated in major industries that get huge publicity. Banking, construction, autos, heavy manufacturing, high-end consumer products, luxury retailing, mortgage banking and others have obviously borne the brunt.
But other industries are affected far less, or in some cases not at all. Biotechnology, healthcare, many technologically demanding products, clean energy, waste remediation, companies in many industries that have pioneered better products and services, suppliers for home gardens and local farming, and discount retailers are examples. IBM recorded record profits. Wal-Mart's success and that of "dollar stores" has been well publicized.
Smaller companies are not immune, but many are stable or hiring. In terms of who is recruiting, for the most part it is small companies with between 10 and 1,000 employees. This continues a trend in recent years, where the vast percentage of all new employment has come from small businesses.