“The Network!” Newsletter Issue # 224

Is The Recession Over?

In The Great Depression the unemployment rate went from 2% to 10.8% in one year. Then the next year it went to 16.8% and then hovered above 20% for four years. Then it exceeded 14% for four additional years.

While California unemployment recently hit its highest level, unemployment nationwide actually ticked down last month from 9.5 to 9.4 percent. The true unemployment rate (including discouraged workers) is above 15%. Are we through the worst of the current recession? Or, beginning Great Depression 2.0?

I hope we are through the worst. However, in the beginning of the Great Depression the stock market lost big and then it bounced back, sound familiar? Then, the “smart money” bought. Then, the greatest collapse in history. The stock market went down 89% over the next three years, buyer beware. If you’ve been reading this newsletter for anytime now, you know I am a devout optimist. I know that unemployment is a lagging indicator but I’ve not seen unemployment numbers like these in my lifetime. Please don’t bet the farm.


What’s the secret to attracting real talent?

Are you finding it surprisingly hard to find the people you need? Are you finding tons of people and only grams of greatness?

Remember that even with 10-20% unemployment 80-90% of people are working. So, even in this economy 80-90% of the talent pool is working. “Passive candidates,” they are called, and typically recruited through an executive search firm.

That’s why companies have been calling Joseph Michaels International for nearly 20 years. Call us to discuss your talent needs at 800-786-1099 or email me direct at jpelayo@josephmichaels.com


Below are all the facts and figures I promised you last issue. I think you’ll find them of interest. Thanks for reading.

Unemployment
9.4 percent July 2009
9.5 percent June 2009
5.8 percent July 2008

Number of unemployed persons
14.462 million July 2009
14.729 million June 2009
8.910 million July 2008

Job growth
Down 247,000 July 2009
Down 443,000 June 2009

Labor force participation rate
65.5 percent July 2009
66.1 percent July 2008

Discouraged workers, etc.
796,000 July 2009
461,000 July 2008

Job openings (private)
2.206 million June 2009
2.191 million May 2009

Hires (private)
3.673 million June 2009
3.739 million May 2009

Warm Summer Regards,
Joe Pelayo

Joe Pelayo, C.P.C.
Joseph Michaels International
Global Recruiting Solutions
800-786-1099
Email: jpelayo@josephmichaels.com
Website: http://josephmichaels.wpengine.com
One of the top 75 Recruiters in the United States ~ Recruiter Life Magazine

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