Dealing with discouraging job numbers from the press

While the government hurriedly announced an end to the recession yesterday, the proof has yet to manifest itself in the NC job market. The unemployment rate for the Charlotte region is currently at around 12.4%, maybe higher. Employment is considered a lagging indicator, as jobs always return later than other recovery indicators. But what does this number really mean?

The Charlotte region has experienced a significant hit with this recession. Having been recognized as the second largest financial services center in the U.S., many white collar jobs have been lost over the last year. The financial industry had been impacted to a lesser extent in previous downturns. Couple this with the decline of our large manufacturing base over the last several years, and we have a region hit very hard by the recession.

Be aware that job numbers can be twisted a number of ways. They don’t take into account people who have quit looking for work or those who have begun working one or more part-time jobs. Additionally, most people don’t realize that these numbers only pertain to large companies, those with more than 100 employees. While government regulations require large employers to notify them of significant-sized layoffs, small companies fly under the radar in this area. This is critical to know because small companies of less than five employees comprise 53% of the available jobs, while large companies only account for 2.6%. Small businesses throughout the US have been hit very hard by the recession, but their numbers aren’t reported.

So, what does this mean to you if you are looking for a job? It means that you need to look beyond the large companies, the internet job boards, and the classified ads. A large number of jobs are not advertised, and small companies are always best positioned to respond to a changing economic climate. Target smaller companies as part of your job search, and you will likely experience greater success. For a listing of sites that can assist you in your search, refer to my earlier article Seeking the competitive edge in your job search.

For more info: Seeking the competitive edge in your job search.