Word: joblessly
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Although first-time jobless claims fell slightly last month, economists are expecting that April's 6% unemployment rate--the highest in nearly eight years--will climb to 6.5% as 1.2 million new job seekers come streaming through their college gates and a million or so high school graduates start looking for full-time jobs. Since October, the unemployment rate has been hovering around 12% for workers ages 16 to 24, who are usually the first to be laid off. Diane Miller, 22, a zoology major who graduated in April from the University of Michigan at Ann Arbor, is looking...
...luck, the job market will be showing signs of life by the time Rareshide returns. But experts say it could take as long as 18 months before many young adults find their place in today's crawling-out-of-a-hole economy--which is being compared with the "jobless recovery" that followed the 1990-91 recession. Help could be on the way: the current rise in productivity and corporate profits should eventually spur hiring. But for now, productivity is surging because companies are squeezing more work out of fewer people, discouraging news for young adults stuck in the back...
...fourth of the members of this year's graduating class have jobs. "It seemed like every major company that had traditionally come to recruit canceled--Disney, IBM, Citicorp," he says. Cornell's business school has gone so far as to turn itself into a pseudo-consulting firm, peddling its jobless M.B.A.s as cut-rate temps...
...worse, this year's 1.2 million spring graduates could face job searches that last four to six months instead of being besieged with offers even before graduation, which was the case three years ago. Challenger predicts that about 30%--or 360,000 of these new graduates--will still be jobless by November, compared with 5% to 10% about three years ago. At Northwestern University, a sign of the times is that the number of on-campus recruiters is down 25% from last year, says Lonnie Dunlap, director of career services...
...Prime Number 6 percent is the U.S. unemployment rate for April, the highest proportion of jobless Americans in nearly eight years...