It's a troubling time for the publishing industry, and the largest US company of them all, Time Inc., is reacting by cutting jobs from its magazines. Time has asked for 100 volunteers from its editorial staff at a handful of publications, including Time, People, and Sports Illustrated, to volunteer to give up their jobs.
Volunteers would of course leave with severance packages (terms undisclosed to the media).
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I was shocked back in July when 62 percent of you said that you knew someone who had lost a job this year, because at the time I personally didn't know anyone that had suffered a job loss in 2008. The job market has worsened swiftly since the crazy events of this Fall and, unfortunately, I now know many people who have lost their jobs. The change in perspective has me wondering, do you know anyone who has been affected with job loss since September rolled around?
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About 760,000 US workers were laid off this year and 25 percent of employers anticipate layoffs in the next 12 month period. It's suggested that the big question for some sectors isn't if, but when, layoffs will occur, and here are the industries that experts say are more vulnerable to a compromised workforce than others.
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There may be signs that your job is on the rocks, and as the job market has been looking increasingly grim many experts remind us to have a backup plan in case we lose our jobs. Have you been crafting a plan to fall back on if you get a pink slip?
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The class of 2009 is well in to its first semester of senior year, and the future could be even more up in the air for this group than it has been for previous graduates. The job market won't exactly be welcoming the class of '09 with opening arms and evidence of that can be seen in the reduction of corporate recruiters on college campuses. A survey by the National Association of Colleges and Employers projects the weakest outlook in hiring for new graduates in six years, while just two months ago the group projected a 6 percent increase in hiring.
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The CNN/Opinion Research Corp polled 1,000 people over the weekend in a survey asking if the respondents think another economic depression is likely to happen in the US. The pollsters gave respondents the following facts about the Great Depression of the 1930s before collecting their answers: Unemployment reached 25 percent, there were widespread bank failures, and millions of Americans were homeless and hungry.
Of the 1,000 responses, only 13 percent believe another depression is not likely at all, 29 percent feel it's not very likely, 38 percent said it is somewhat likely, and 21 percent said a depression is very likely.
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When a country spends seven years getting ready for the Olympics, a whole lot of jobs must be created along the way. In fact, Chinese officials estimate that since 2001, 600,000 Olympic-associated jobs were created each year. Now that the big games are over, China's labor force wants to use the skills to transition into new employment.
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Employers in the US cut jobs in July for the seventh straight month, while the unemployment rate hit a four-year high, according to a new government report.
The unemployment rate rose to 5.7 percent from a 5.5 percent reading in June and jumped a full percentage point from a year ago.
Wondering what it all means?
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Northeastern University Center for Labor Market Studies found that this Summer's teen employment rate is approaching a postwar low, and their study on the issue stated that, "Less work experience today leads to less work experience tomorrow and lower earnings down the road." 16 and 17-year olds have it worse than 18 and 19-year olds as more employers are adopting hiring policies that favor older teens, and the study showed that one in four younger teens can't find work this Summer.
Retailers that typically hire teens have been undergoing financial troubles costing the industry 194,000 jobs since March 2007, and teens that typically found employment folding and refolding are now finding those jobs unavailable.
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