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Thursday, October 23, 2008
Expect Your Job Search to Take Longer
The time it takes to find a job is growing longer according to a survey of 3,000 job seekers conducted by Challenger, Gray & Christmas, the outplacement firm.
According to Challenger, “the median job search among those winning positions in the third quarter lasted nearly 4.4 months,” up from 3.6 months in the second quarter.
It’s also notable that 13.4 percent of the job seekers ended up relocating to take new positions. That’s up from a first-quarter figure of 8.9 percent, but still lower than the share who relocated in 2006 and most of 2007.
Moving is stressful and expensive, and some people may simply be unwilling to take that step. But the lower percentage of relocation no doubt stems at least in part from the housing market. Job seekers who are eager to move for the right job may find themselves trapped by an inability to sell their homes (and perhaps wishing they were renters right now).
Expect Job Searches to Take Longer
According to Challenger, “the median job search among those winning positions in the third quarter lasted nearly 4.4 months,” up from 3.6 months in the second quarter.
It’s also notable that 13.4 percent of the job seekers ended up relocating to take new positions. That’s up from a first-quarter figure of 8.9 percent, but still lower than the share who relocated in 2006 and most of 2007.
Moving is stressful and expensive, and some people may simply be unwilling to take that step. But the lower percentage of relocation no doubt stems at least in part from the housing market. Job seekers who are eager to move for the right job may find themselves trapped by an inability to sell their homes (and perhaps wishing they were renters right now).
Expect Job Searches to Take Longer
Jobless Claims Higher Than Expected
The government says new claims for jobless benefits increased by more than expected last week as companies cut jobs due to the slow economy.
The Labor Department reported Thursday that new applications for unemployment benefits rose 15,000 to a seasonally adjusted 478,000, slightly above analysts' estimates of 470,000.
The four-week average, which smooths out fluctuations, dropped slightly to 480,250, down from a seven-year high in the previous week.
Jobless claims above 400,000 are considered a sign of recession. A year ago, claims stood at 333,000, the department said.
Jobless Claims
The Labor Department reported Thursday that new applications for unemployment benefits rose 15,000 to a seasonally adjusted 478,000, slightly above analysts' estimates of 470,000.
The four-week average, which smooths out fluctuations, dropped slightly to 480,250, down from a seven-year high in the previous week.
Jobless claims above 400,000 are considered a sign of recession. A year ago, claims stood at 333,000, the department said.
Jobless Claims
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