Import declines seem to have hit bottom and are now on the way up.
The New York Times published an article on November 6th that talked to the point that the “broader measure of unemployment stands at 17.5%“.
The 17.5% rate includes the officially unemployed, who have looked for work in the last four weeks. It also includes discouraged workers, who have looked in the past year, as well as millions of part-time workers who want to be working full time.
The actual rate of underemployment may be even higher since the official government definitions and measures of unemployment miss other underemployment cases.
According to wikipedia, in economics, the term underemployment has three different distinct meanings and applications. All meanings involve a situation in which a person is working, unlike unemployment, where a person who is searching for work cannot find a job. Underemployment can mean:
- The employment of workers with high skill levels in low-wage jobs that do not require such abilities, for example a trained medical doctor who works as a taxi driver.
- “Involuntary part-time” workers — workers who could (and would like to) be working for a full work-week but can only find part-time work. By extension, the term is also used in regional planning to describe regions where economic activity rates are unusually low, due to a lack of job opportunities, training opportunities, or due to a lack of services such as childcare and public transportation.
- “Overstaffing” or “hidden unemployment”, the practice in which businesses or entire economies employ workers who are not fully occupied—for example, workers currently not being used to produce goods or services due to legal or social restrictions or because the work is highly seasonal.
Former U.S. labour secretary Robert Reich has said that he believes the Unofficial U.S. jobless rate could be as high as 20%.
|U.S.||10.2% (26 year high) / 17.5% (including underemployed)|
The Globe and Mail has this interactive webpage that gives numbers by city and province:
Stats Canada Labour Force Survey Nov 6, 2009 provides some insights in the job types and associated impacts:
|September 2009||October 2009||September to October 2009||October 2008 to October 2009|
|Class of worker|
|Public/private sector employees|
|Transportation and warehousing||797.7||819.9||2.8||-5.8|
|Finance, insurance, real estate and leasing||1,121.1||1,118.0||-0.3||4.4|
|Professional, scientific and technical services||1,199.8||1,196.9||-0.2||-0.6|
|Business, building and other support services||645.8||639.0||-1.1||-4.6|
|Health care and social assistance||1,946.8||1,955.1||0.4||1.7|
|Information, culture and recreation||791.5||785.1||-0.8||4.8|
|Accommodation and food services||1,032.0||1,034.5||0.2||-2.9|
|District of Columbia||10.90%|
Come “Jobnob” with cool new startups and other job seekers at this informal networking happy hour where unemployed people who want to keep their skills sharp are matched up with startups that could use their help.
- Bummed Out Job Seekers – are you willing to volunteer at least 5 hours a week for a startup? Help out a startup and you’ll get a leg up on the competition, keep your skills sharp and have some good experience to put on your resume. And when the giant gears of the economy start churning again, you could well be one of the first ones back on the payroll.
- Cash Strapped Startups – are you willing to buy a smart, talented, unemployed person a drink? Come with one or two specific projects that you need accomplished and we’ll help you find the perfect person to get the job done. And if you get funded you can always hire them!
They have run three JobNob events so far and have two more scheduled for August and September.
This would be a great program to have running in Ottawa. Organizations such as Lead to Win, OCRI, The Ottawa Network, CATA or Ottawa Talent Initiative would be good sponsor organizations to make this happen locally.
According to the Globe and Mail today - the funeral industry is in decline due to a decline in the death rate.