A fresh batch of data show that the job market may finally have turned the corner despite last month's uptick in the national unemployment rate to 9.6%. Among them: Fewer initial claims for unemployment and a smallest monthly layoff total since June 2000.
Positive trends in job creation, layoffs and unemployment indicate that the current economic recovery started sooner and is progressing faster than the previous two recessions.
Since the recession began, more than 8 million Americans have lost their jobs. But perhaps even more surprising is the small number of companies that are responsible for laying off such a large percentage of today's unemployed workers.
The latest report beat the expected increase of 35,000 new jobs, and July marks the sixth straight month of private sector additions. However, it's a rather slack pace, averaging only 37,000 jobs per month.
The Great Recession had a disproportionately high impact on male unemployment. But now, the tentative recovery is driving job gains in areas like construction and financial services, helping male hiring regain lost ground -- some good news for Father's Day.
Employers are still laying off workers, but the pace of job cuts was essentially unchanged in May compared to April, according to employment-services firm Challenger, Gray & Christmas. "Announced job cuts have, for all intents and purposes, returned to pre-recession levels," said CEO John Challenger.
As baby boomers march inexorably toward retirement, one economist predicts that the U.S. could have at least 5 million job vacancies by 2018. Nearly half of the openings are expected in education, health care, government and nonprofit organizations.
Entering February, a mixed picture on employment has developed: Job cuts in January reached their highest total since August, but still represent a 70% reduction from the same time a year ago, when they peaked at 241,749. What's going on?
Though the odds may seem daunting, job seekers shouldn't view finding new employment as an impossible goal, says workplace expert John Challenger, chief executive at employment consultancy Challenger, Gray & Christmas. "The key to success is to take an active approach and make your own opportunities," he says.
