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Friday, June 3, 2011

Unemployed job seekers are discouraged by finding jobs in current economic climate

joblessImage by khalilshah via Flickr
Discouraged by employment opportunities,
many job seekers have given up on obtaining

The labor force, which includes those working and those looking for work, is shrinking, reports the Associated Press. With the unemployment increasing on June 3rd to 9.1% according to the Bureau of Labor Statistics, the new "normal" so-called recovery is including a large number of discouraged workers, that have practically given up on finding work.

Since November, those counted as employed grew by 765,000, but the number of unemployed has shrunk by almost 1.3 million, equaling a 529,000 worker decline in the labor force. These former workers have not just disappeared from society so, where did these individuals go?

Many have since retired, re-entered college in hopes of finding work or are now receiving government disability checks. In fact, number of people receiving Social Security disability payments has increased by 1.2 million or 17 percent, since end of 2007.

Other unemployed job seekers and a growing number of 99ers (those who are exhausted from all forms of Federal Unemployment Extension Benefits) discouraged by long job searches that yielded little results, more likely than not, have just given up looking for work. If individuals not actively looking for work or are jobless but not receiving unemployment compensation, governmental agencies don’t count  them among the unemployed.

Results of a June 1st survey of job seekers by the Research Intelligence Group, found that in the current employment market, those desiring to return to work, are losing faith in their ability to do so.

According to the results of that survey, 71 percent of job seekers are feeling less encouraged about their ability to find employment than they were when they began their searches. In addition, the report cites that many unemployed job seekers are finding employers are not hiring or that their current skill sets don’t match the job descriptions.

If a large number of the 529,000 people, noted above began looking for employment opportunities, the nations’ overall unemployment rate would be 9.4 percent, instead of its current 9.1 percent.  Ironically, if the U.S. labor force were at the same size as before the recession hit, the unemployment rate could be as high as 11.7 percent.

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