Blog Post: Unemployment Rate Hits 5%

Many people, businesses, and economist in particular were eagerly waiting for the Department of Labor to release the December 2007 unemployment rate in the U.S. Was anyone surprised? Maybe not. The unemployment rate jumped from 4.7 percent in November to 5 percent in December, the highest since November 2005 after the busy hurricanes season.  According to the labor report, manufacturers, construction companies, financial services all cut jobs in December. Retailers also sliced jobs. The government added 31,000 jobs in December, while private employers actually cut payrolls by 13,000.

So, how does this translates to job seekers? It is time for action. Find tune your job search strategy and resume if you are looking for that great job in 2008. Competition may be a bit harder in the market. Therefore, the job seeker needs to focus and do diligence before the next move:

• Research - Get ready to research the employers in your industry of choice. Who is hiring? Who is feeling the crunch of the economy? What skills are they looking for in candidates? What is the average salary for the position in the local market?
• Find your edge - What is your strength? Focus on accomplishments and what skills set you bring to the company? Review your references. Get strong references, especially in your industry. Remember, the power of your network is the best tool. Be ready to showcase your worth. Name dropping may be a plus - What accounts did you manage? What projects did you supervised or worked on? Needless to say, be sure your former employer or reference contacts now all the details so they can also give a top notch reference when needed.

We will continue to see fluctuations in the unemployment rate both at the local and national level. Use this time wisely. Build a strong network and keep abreast of developments in your industry. This way, you can always stay ahead of the game. Best of success!