Unemployment Causing More Competition in Job Market
December 24, 2008
By the My MBA Career Content Team – Find Top MBA Degree Programs
Unemployment figures are reportedly hitting new highs, creating more competition in the job market.
The Department of Labor reports that 586,000 people filed for new unemployment benefits last week, an increase of 30,000 over the previous week. According to the Washington Post, these are the highest unemployment numbers since 1982.
With many analysts not expecting an economic recovery until the middle of 2009, competition in the job market is expected to remain tough for the foreseeable future. Adding further pressure to the economic situation are recent statistics showing that defaults are up on consumer credit lines and that the economy continued to shrink in the last quarter.
For now, it remains to be seen when companies will feel secure enough to stop trimming their payrolls and begin adding staff again.
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Related Article Topics: Business News
