20,000 Jobs Lost in April

The U.S. economy lost 20,000 jobs, not 75,000 jobs as had been expected and the unemployment rate went down to 5%, not up, in April.

This is the 4th consecutive month of job losses, but an improvement from the 81,000 reductions in payrolls in March.

Businesses are handing out pink slips as they cope with an economy that is on the edge of a recession, or possibly in one already. A severe housing slump, harder-to-get credit, and financial turmoil have forced people and businesses to be more cautious in their spending. And that has hurt the economy.

Jobs cuts in April include:

• Construction - 61,000
• Manufacturers - 46,000
• Retailers - 27,000

Goods-producing businesses cut 110,000 jobs in April, the largest number of job reductions since January 2002, after trimming 88,000 in March.

Those losses were eclipsed by gains in:

• Health Care
• Professional and Business Services
• Government

Service industries added 90,000 jobs - the most since last December - with most of them coming in the health care and professional technical services sectors.

The weak labor market is making employers feel less generous with compensation. Average hourly earnings for jobholders rose to $17.88 in April, a tiny 0.1 percent rise from the previous month. That was less than the 0.3 percent rise economists were forecasting. Over the last 12 months, wages have grown by 3.4 percent.

Meanwhile, increasing energy and food prices are taking a bite out of paychecks. If the job market continues to falter, wage growth probably will slow, too, making people even less inclined to spend. That would spell further trouble for the economy.

Job losses for both February (76,000) and March (83,000) turned out to be greater than previously reported.

U.S. Job Losses in April Not as Deep as Feared

US Unemployment Benefits Rose Last Week

The Labor Department's report on jobless claims is not good, but is not surprising. The number of newly laid off workers rose by 35,000 to 380,000 last week. Economists had expected that the number would be less than 18,000. C0ntinued unemployment insurance claims from those already receiving benefits rose in the week ending April 19 to 3,019,000, up 74,000.

The unemployment report for April will be released tomorrow and is expected to show the unemployment rate is 5.2%, up from 5.1% in March.

Jobless Claims Surge

Lay-Offs Increased 68% from March to April but Don't Stop Your Job Search

U.S. planned lay-offs increased 68% from March to April, the largest since September 2006 pointing to further decline in the job market.

Planned job cuts in April totaled 90,010, up from 53,579 in March according to Challenger, Gray & Christmas Inc.

The greatest number of layoffs were in the:

• Financial Sector - 23,106 with large layoffs announced by CitiGroup and Merrill Lynch
• Telecommunications Sector - 8,007
• Transportation Sector - 7,954

Pharmaceutical layoffs jumped by 256% due primarily to the elimination of 5,500 jobs by Kenilworth, N.J.-based Schering-Plough Corp.

Most of the impact felt thus far by the financial industry is from the effects of the housing slump and bad mortgages.

In the future, the effects from record oil prices may result in more layoffs than the housing slump, John A. Challenger, chief executive officer of Challenger, Gray & Christmas.

“The impact of high gasoline prices is rippling through the economy much faster than the housing collapse ever did or will,” Challenger said in a statement.

Just remember, even when companies are laying off, they are often continuing to hire. You may have to work harder and it may take longer but you can find employment. Don't give up. You can:

• Increase your networking calls and make contacts on LinkedIn.com
• Thoroughly research potential employers
• Send out more resumes (electronic and hard copies) - make daily goal and reward yourself for following through
• Make sure you conduct follow-up calls in a week after sending out resumes
• Be very prepared for interviewing and always look professional
• Prepare and present great references
• Always send a handwritten thank you note within 24 hours after your interview
• Keep organized and maintain accurate records of networking, mailings, calls, interviews, and follow-ups (using a JibberJobber.com or the method that works best for you)
• Never give up - keep going - don't stop your job search

U.S. Unemployment Benefits Claims Rose Last Week

The Labor Department's report on jobless claims is not good, but is not surprising. The number of newly laid off workers rose by 35,000 to 380,000 last week. Economists had expected that the number would be less than 18,000. C0ntinued unemployment insurance claims from those already receiving benefits rose in the week ending April 19 to 3,019,000, up 74,000.

Layoffs increased 68% from March to April.The unemployment report for April will be released tomorrow and is expected to show the unemployment rate is 5.2%, up from 5.1% in March.

Jobless Claims Surge

JibberJobber: A Great Way to Organize Your Job Search

Whenever you embark on a job search whether it is because you want to explore your options, to progress to a better position, or to find a position after a job loss, you need to be organized to avoid wasting time.

I used to believe in the old fashioned method of writing information in a spiral notebook. Recently, I discovered JibberJobber.com, a free online set of tools that enables you to otganize and track:

• Industry and company information


• Where, when, and how you send your resume


• Interview date, time, and results information


• Follow up (thank you note and telephone) information


• Networking numbers, contacts, and results


• Job-search expenses


• and more

"JibberJobber is a powerful tool that lets you manage your career, from job search to relationship management to target company management (and much more). Free for life with an optional upgrade."

This site can save you hours of work and prevent aggravation.

Check JibberJobber out and let me know what you think.

IT Professionals Are Making Less

IT jobs are paying less than they were a year ago according to a new survey of 9,600 U.S. IT professionals conducted by InformationWeek.

Median base salaries for staff and managers dropped by $1,000 to:

• $73,000 for staffers


• $96,000 for managers

Bonuses also shrunk by the same amount to:

• $3,000 for staffers


• $7,000 for managers

Read more at Techies Get A Pay Cut

What Hiring Managers Have Planned for New College Grads

In a CareerBuilder survey of 3,147 hiring managers plans to hire new graduates indicated that 58% will hire new grads this year (down from 79% in 2007). The news about pay is not great:

• 42% plan to pay salaries below $30,000


• 32% will pay $30,000 to $40,000


• 15% will pay $40,000 to $50,000


• 11% will pay more than $50,000

CareerBuilder Research

Top 10 Best Cities for New Graduates

A study conducted by Apartments.com and CareerBuilder.com found that the best city in the U.S. for new graduates is Philadelphia, PA. The findings were based on research criteria, including the:

• Population of people aged 20 to 24


• Number of entry level job openings suitable for new grads


• Average cost to rent a one-bedroom apartment

The ranked the top 10 cities and gave the cost of renting a one-bedroom apartment in each:

1. Philadelphia - $962


2. Boston - $1,3445


3. New York - $1,520


4. Phoenix - $741


5. Chicago - $1,029


6. Dallas-Fort Worth - $755


7. Los Angeles - $1,435


8. Houston - $778


9. Detroit - $699


10. Atlanta - $773

City of Brotherly Love is Best for New Grads

Use a Profile Instead of an Objective in Your Resume

One of my clients recently sent me a copy of a resume that they had started with an objective that read: "A challenging position where I can grow and ..." Employers and recruiters hate this and objectives in general are no longer being used.

It is much more effective to use a Profile, Highlights, or Summary statement. In most instances, your resume will be viewed for 30 seconds or less so the Profile section needs to grab the employer by showing skills, work accomplishments, traits, educational achievements, certifications, and language skills that appeal to the employer and entice him or her to want to learn more about you. Don't use fluff.

Speak in more general terms in the Profile and back it up with specific accomplishments in the Experience section of the resume.

What Is Most Important To New MBAs

In a recent study of the most important factors in selecting a job, conducted by the Aspen Institute's Center for Business Education, MBA students at 15 major business schools indicated:

1. A challenging job with diverse responsibilities - 64%
   
2. Compensation - 48%


3. Work-life balance - 45%


4. Potential to make a contribution to society - 26%


5. Colleagues whom I respect - 24%


6. Opportunities for training and development - 24%


7. Opportunities for rapid advancement - 22%


8. Opportunities to travel / work internationally - 18%


9. High ethical standards - 13%


10. Job security - 4%

Unlike years ago, new graduates understand that job security is not a realistic primary goal and job loyalty is less important as they are also prepared to move to different companies for career advancement.

Aspen Institute Survey

7 Tips for Job Hunting in a Difficult Job Market

In a highly competitive job market during a decline in the economy, finding a job can be challenging. But even when companies are laying off employees, they often continue to hire. You can increase your chances of finding a new position by:

1. Requesting more face to face meetings rather than relying on e-mails and telephone contacts.
2. Increasing the number of letters and phone calls you make. Plan on 15-20 mailings and 40 or more phone calls a week.
3. Having flexibility; considering contract, semi-fulltime, or part-time work that may lead to fulltime work.
4. Being open to relocation.
5. Investigating the hidden job market (80% of available jobs are not advertised in good times). How do you do this? Use networking and contact employers directly by phone and in person. Whenever possible, register on companies' web sites to receive e-mail updates about new openings that fit your experience and skills.
6. Minimizing the time you spend searching Internet job boards and help wanted ads. Fewer job opens mean greater competition. One ad can produce thousands of responses.
7. Taking advantage of networking sites, including LinkedIn, Facebook, Friendstar, and MySpace to reconnect with old acquaintances and make new ones. You are invited to join my linked in network.

The bottom line is that networking and telephone contacts are still the best way to find jobs. The Internet is great for conducting research, identifying potential employers, and preparing for interviews.

For more information visit 7 Tips for Job Hunting in a Tougher Market

Good News - More Jobs Will Be Available Soon

A worker shortage is coming very soon. Americans are not producing enough children to meet the economy's future staffing needs, notably in fast-growing fields such as medicine and engineering. Meanwhile, the baby boomers are aging, and their overall numbers in the labor force are shrinking.