Unemployed for Longer
New data shows we people are unemployed for more than 6 months
Excuse the typo in the video!
Seven million Americans are currently unemployed. But here’s the kicker: 1.6 million have been looking for a job for at least six months.
Last year, the U.S. economy added 2 million jobs, which is a strong number. But that isn’t the whole picture. For those unemployed, the number of people searching for a job for more than six months increased by 50%.
What might be causing this increase?
There are three reasons to consider:
1. Increased friction in the job search process- I have discussed this issue with talent acquisition in previous posts.
2. Mismatch in skills- New technology, think AI, is changing the nature of work.
3. The economy is slowing down- Some segments of the economy might be struggling and, therefore, are not hiring.
Here are some things you can do to improve your job search process
1. Build a network and work with staffing firms
2. Improve your skills- Join one of our professional development programs at NKU Haile College of Business
3. Consider transitioning to new industries if your industry's economy is slowing down. If this is a slowdown in the overall economy, we are all in it together!
What does job search look like for you?
