The U.S. unemployment rate in June fell to 9.5% from 9.7% in May as job seekers gave up looking for work. 125,000 jobs were shed for a total of 225,000 jobs including the census workers. This comes at a time when news of an unemployment extension is rejected for the third time in Congress. The hardest hit states are Nevada, Michigan and California. And, IBM, Abbott and BP stocks are down in this economy.
The stubborn job market has sent stocks into a downward spiral as money managers admit that we may be heading for a double dip recession. My feeling is that we never left the first recession and that we are in a depression.
Housing prices are at least 30% lower than two years ago with banks still holding paper on foreclosed homes that has not been released into the home market. Bank lending is still tight as they pile up cash to help with some of the potential losses in the home market.
Okay, so times are really tough. I know they are when the Bulls and the Bears on CNBC all agree that we are in for tough times. It's as if they all woke up from hibernation, like a bear waking up from his winter sleep, to tell us we're in trouble!
As I have said many times there is no quick fix for this current job market. Yet, it's not a time to panic. Even if your unemployment benefits are running out, you'll probably still get that extension on the fourth Congress vote. Make use every moment of free time to find a job that brings in some income.
It's time to get creative about your job search to make it through these difficult times. Here are three (3) Tips:
1.) Network, network and network. Most jobs today are found through former co-workers, bosses, and friends.
2.) Look for a job in industries that are off the beaten path, like contract cleaning, waste management or property management.
3.) Be flexible as to what job you take and where you live.
If you're running low on cash and have limited assets you need to get some income to cover your basic living expenses. The key here is to have cash coming in to live on and buy you time to until the hiring picks up and you are packaged for a new career. This means even if you have to work at McDonalds! Put your ego aside and do what you have to do to survive. It's not forever. Then go to the beach and take a deep breath!