The unemployment rate is always a big topic of discussion. As the rate rose to high levels the past few years, employed and unemployed workers alike have paid close attention to these rates and what they could mean for their job security or job search.
What’s most confusing about unemployment rates is they are constantly changing. The government determines this rate by finding out how many people are in the labor force in the United States. The labor force consists of people who are employed and those who are unemployed but actively searching for employment. The number of people who fall into the unemployed but actively searching sector are used to determine the unemployment rate. The government uses census surveys each month to get a better idea of how many people are considered unemployed.
To be counted as an unemployed American, you must be actively looking for work, which can mean you are working with a recruitment agency, sending out resumes, contacting potential companies or personal connections for opportunities, placing job advertisements or checking registers. If you are a stay-at-home mom, retired, or not looking for work for any similar reasons, you are not considered part of the labor force.
The rate of unemployment is always seen as a positive when it is low, but there is such thing as a natural rate of unemployment, which proves that when the percentage drops too low, there will not be enough workers in the workforce to fill new businesses, new roles or keep companies operating as they hope to. This natural rate is 4.5 to 5 percent, and recently, we have seen the rate fall below this. As of July 2018, the unemployment rate is 3.9, dropping from 4 percent in June and only slightly higher than May, which saw a 3.8 percent rate.
If you are within the unemployment sector, there are things you can do to help yourself find employment:
- Work with a recruitment firm to help you find open and relevant jobs, and to give you access to contacts you may not have on your own.
- Update your resume.
- Reach out to old contacts and previous companies to see about any new opportunities.
- Sign up for e-mail alerts for jobs that fit what you are looking for.
- Network with like-minded individuals and be open about your interest in a new position.
- Don’t give up and don’t be afraid to ask for help.
While the employment rate is at an all-time low, that doesn’t mean there aren’t still thousands of people struggling with unemployment. If you find yourself unemployed, no matter what level or stage in your career you are in, a recruitment firm can help get you back to employed status. If you need help finding a job, contact us at The Goodkind Group by giving us a call at 212-378-0700 or visiting our website.