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From: Jared Hamilton
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H Gregory Gershman

H Gregory Gershman Managing Partner

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Hired but Broke - The latest US Job Report

The latest US job report is making its way around the web. Here is the long and short of it. Good news first:

The latest jobs report from the Bureau of Labor Statistics showed that US employers added 252,000 jobs in December, better than expected.

Unemployment dropped to 5.6%, another good sign, the lowest unemployment percentage since June 2008.

Now some disappointing news for those that got hired, the average rate of pay actually dropped from November to December by .02%. Sounds like a small number, but considering that living costs always rise it is a tremendous drop for the actual buying power of the American workforce.

What does that mean for employers?

As unemployment rates drop, the available pool of active job seekers diminish, meaning online job boards have a shallower pool of applicants.

So if you need employees what is the answer?

When pay rates and unemployment is low the best answer is to resume database search to reach passive job seekers. People that are not willing to be unemployed in what is still a topsy-turvy economy, but have been under-employed for a long period of time now and have abandoned their active job search.

Gregory Gershman - Managing Partner - Recruitment HQf3cc5cdb11d7ca46f6771229b5d0f0ec.jpg?t=1

Ryan Setliff
Currently, the labor market participation rate is barely skirting 60% nationally. In Canada it's 75%. I wouldn't put any stock in the official unemployment numbers and economic indicators from the Bureau of Labor Statistics (BLS). They don't include "discouraged workers" that give up looking but are of working age. The numbers and figures the BLS produces are really party propaganda for the ruling party; it's been very politicized since the 1990s regardless of whose in office. In the late 1970s, the U.S. government produced what was called the Misery Index adding inflation and unemployment to calculate it; and they discontinued it. The Fed used to calculate the M3 monetary measure and discontinued it. Uncle Sam is no longer about transparency with its citizens. In 2012, CNN's "Invisible Unemployed" article (http://money.cnn.com/2012/05/03/news/economy/unemployment-rate/) accurately reported that about 53 million of working age, 16 to 65 are idle and unemployed. Fox News acquiesced with those numbers, only to report they increased not long thereafter. Job creation hardly keeps up with population growth. ShadowStats (http://www.shadowstats.com) is more accurate. Even with the supposed national turnaround, granting job creation is occuring, it's not keeping up with population growth. I moved to the Pacific Northwest, because I wanted to live in a tight labor market. It's better for sales and marketing businesses in general to be around a populace that's generally working. Manufacturing, forestry, hi-tech and energy services tend to give the Northwest momentum that the rest of the country won't likely recover anytime soon. Unemployment numbers tend to be more accurate for the few tight labor markets in the country such as the Dakotas and Montana. Elsewhere unemployment may be presumed that it's nearly double to two and a half times what is officially acknowledged, if it's officially acknowledged to be 8-10%.
H Gregory Gershman
Hi Ryan - Very true. Unemployment is a skewed number and exactly my point. Most of the talent in the workforce is sitting in underemployment or has stopped shopping the job boards. In order to find these people active resume mining is necessary. There are millions of excellent workers that can only be reached by marketing to them.

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