Tom Musbach, the Senior Managing Editor for Yahoo HotJobs, has some solid insight into the latest Bureau of Labor Statistic’s findings released on Friday. From his post at Hotjobs Musbach has developed an insider’s keen eye for employment trends that many of us aren’t privy to. Here’s our Q&A:
How do you interpret the latest findings from the BLS that show the pace of job loss is slowing?
The loss of half a million jobs in one month is never good news. But the loss is the smallest we’ve seen in the last 6 months, which is a good sign. When you add in that last week’s number of new unemployed workers was the lowest in 14 weeks and the relative flatness in the recent government tally of total job openings (Jan and Feb), I’m hoping these constitute some rays of light off in the distance.
Is the BLS report in step with activity on HotJobs?
The health-care sector is probably the best alignment right now. Heath-care jobs have been growing each month, and they continue to be a stronghold for Yahoo! HotJobs as we proceed through the second quarter.
Are you finding an upswing in postings on Hotjobs, and if so, what industries seem to be ‘livening up’ the most, or showing improvement from the recession, and which are struggling?
In addition to the momentum in health care, we’ve seen a surge in demand for office administrative staff across a number of industries, and the demand for sales professionals remains consistent and strong. Some of the industries struggling with major job losses include manufacturing, construction, and retail, according to the BLS report. What we’re seeing at Yahoo! HotJobs is very similar.
How do you think think the rest of the 2009 will play out in terms of unemployment numbers and job stats? Will we see some relief soon?
In the absence of my own crystal ball, I’ll defer to economists who’ve been calculating scenarios for the remainder of the year and telling all the financial news shows that we may hit 10% unemployment or just shy of it by the end of 2009.
I would encourage people not to get too hung up on a number. You have to remember that the unemployment rate is actually different for each person, based on location, gender and race, and education level. The important number for job seekers to focus on is 1 — that is, finding the right job right now. The job market is very tight, and you’ve got to be disciplined about job hunting. But you also need to remember that hiring is still happening, every day.
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