As discussed in my last post, the first three quarters of 2010 saw positive developments in hiring, and CareerBuilder and USA Today’s Q4 Job Forecast expects that trend to continue, with 21% of employers reporting that they plan to hire additional full-time permanent employees during the fourth quarter. Although the fact that employers are hiring is in itself a positive development, employers have, since the economy began to recover from the trauma of the recession, hired only with the greatest reluctance (for example, see my previous post, A conundrum in the age of long-term unemployment). As one Wall Street Journal contributor recently put it, before hiring help, employers “want to keep squeezing as much output from their current workers as they can.” Even though this quarter’s findings should by no means be scoffed at, this trend of limited hiring—given that despite the fact that many businesses and segments of the economy are experiencing some growth, because the global economy has not fully stabilized, such are still not actively hiring—has affected workers.
The Bureau of Labor Statistics released its employment report for September 2010. Though the report, on the one hand, indicates an American economy on the upswing—with private sector employment continuing its slight, but still upward trend—on the other hand, it depicts a labor force still riling in pain. Ultimately, after reading the employment report for September 2010 one is left with an ambivalent feeling about the health and future of America’s workforce. A workforce, which, according to the Bureau of Labor Statistics, includes almost 15 million unemployed, 6.1 of whom have remained jobless for 27 weeks or more, as well as an additional 9.5 million workers who have been forced to work part-time and 1.2 million “discouraged workers,” who have ceased looking for work altogether.
According to CareerBuilder and USA Today’s report, not only do 29% of workers feel underemployed, but 27% of workers “reported they don’t feel loyal to their current employer.” Overall, the report seems to show that workers are suffering from low morale, with over 70% reporting that they feel underutilized and, curiously, over 40% reporting they do not feel challenged at work. Regardless of the numbers, what is important to draw from this quarter’s report (like past job forecasts) is that sustained growth, although small, is happening across multiple sectors of the economy. If you are unemployed, keep your spirits high and stay positive—a new job might be on the horizon!
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