If you’re suddenly out of a job, you’re likely experiencing intense feelings of stress since you’re probably worried about the future of your career. The good news is that you can rebound quickly after a layoff.
Higher Unemployment Rates
In April of 2020, the country’s unemployment rate reached 14.7%. This is the highest it’s been since the Great Depression. During that era, unemployment rates were more than 25%. Is it fair to compare this year’s unemployment rates to that of the Great Depression? Labor economists say yes and no. If the unemployment rate surpasses 20%, then labeling it a depression would be considered appropriate. Unemployment rates are near that now. However, economists don’t believe that the rates will stay high long enough to be considered the same kind of depression during the first part of the 20th century.
Throughout history, the unemployment rate in the United States has been higher than 10% just two other times. It was higher than 10% in December of 1982 and October of 2009. In both cases, the rate increase occurred during a recession. This time, the unemployment rate increase is different because it happened more quickly than ever before. It reached the current high rate in only two months. To compare, it took the unemployment rate more than a year to reach the levels that it did during the Great Depression. There is a significant difference between the unemployment situation now and that of the Great Depression, which is that the job losses that happened during that era were forever gone.
A Challenging Job Market for Recent College Graduates
College graduates are facing an especially tough job market right now. Kimberly DelGizzo from the St. Anselm’s career development center said, “There are employers who typically would be extending offers or who would have had students potentially starting June 1 who may now be saying, ‘Well, we’re thinking more Sept. 1.’” While the market is a more challenging one than it has been for years, help is out there. The center confirmed that it would be offering support to new college graduates. Federal coronavirus relief funds may also be available to help students with their loan debt.
What If You’re One of the Unemployed?
When you’re the one experiencing career insecurity, there are ways to regroup. Strategize your search for a new job by investing in a professional headshot, and give your resume and cover letter a refresh. Update your LinkedIn profile. Also, attend any job fairs that your company may decide to sponsor. Visit major job sites, and be sure to sign up for their employment notifications. Use any career services offered by your city, and consider tapping into your network. Share your employment needs with your friends and family. That way, you’ll have more people helping you search for your next career opportunity. When you decide to apply with a company, research the job you’re applying for to ensure that you’ll be a good fit and show your interviewer that you’re serious about working for them. Tune-up your interview skills, get a professional headshot and while you’re waiting for your next big job, consider accepting temporary employment.
How to Rebound Quickly After a Layoff
Preparation and an open mind will help you rebound quickly after a layoff. If you face an unemployment situation, make sure that you know what’s in your severance package. That way, you can take advantage of everything being offered to you. When searching for a job, the best thing that you can do is to be patient and diligent.
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