Bleak Outlook for those who are Unemployed The Numbers Paint a Grim Picture
We are all aware that money is tight for a lot of people these days, but somehow when the actual statistics come out it can still be quite shocking. A recent Associated Press article is reporting that more than 20 million Americans received unemployment payments over the course of 2009. The unemployment rate for the year hit 10 percent. It is easy to see why sales of many products are way down when one in every 10 people is out of a job.
It has been a Drawn out Struggle for Some
While there are not as many workers being laid off or let go as there were in recent months, many employers are still reluctant to re-hire until they see a dramatic upturn in the economy. Some of the people who have lost their jobs have been fortunate enough to find work elsewhere, even if their new jobs are not optimal. Lifestyle adjustments are often required, and people who have taken on casual jobs just to stay employed should feel lucky to find work at all. Among those that are jobless, 5.8 million have been unemployed for over six months. Circumstances like this can take a toll on the wallet, and also on the psyche.
The Vicious Cycle
With so many people out of work or working low paying jobs, there is little money being spent. Businesses relying on sales of some sort are struggling to get customers. They can’t hire any more people, because they can’t make enough money to pay them, and they are forced to keep an eye on longevity instead of hiring a few more people in the here and now. Also, government stimulus programs are beginning to wane, meaning there is even less money for businesses to work with. So with consumers unable to spend and companies powerless to hire, the economic crisis seems to be here for the long haul.
Just how Long will the Crisis Last?
The unemployment rate is starting to decline, but not fast enough. Experts are forecasting that the unemployment rate will drop to just above 9 percent in a year, a 1 percent decrease from now. Since the job market has been so scarce, the government has had to extend the length of time a person can get unemployment benefits beyond 26 weeks several times in 2009, and it appears they will have to keep doing so.
Job Competition is Fierce
If you are one of the many Americans who is unemployed and looking for work the odds are definitely not great. It is estimated that for every open job there are six unemployed candidates. There obviously are other people to consider. This doesn’t include people that are employed but looking for full time or better paying opportunities.
Try to Remain Positive
It can be tough to stay optimistic is such trying times. Taking a casual job can be humbling, but you can take pride in the fact that you have beaten the odds. Try to think outside the box. If you have skills that would allow you to take on freelance work, this can be a great time to use them. Companies are far more likely to take on freelancers than regular employees right now. The internet has opened up a wide range of online opportunities too.
