Outlook is Bleak for the Unemployed

A Grim Picture is what the Numbers Paint

We are all aware that money is tight for a lot of people these days, but somehow when the actual statistics come out it can still be quite shocking. A recent Associated Press article is reporting that more than 20 million Americans received unemployment payments over the course of 2009. The unemployment rate for the year hit 10 percent. It is easy to see why sales of many products are way down when one in every 10 people is out of a job.

It has been a Drawn out Struggle for Some

While there are not as many workers being laid off or let go as there were in recent months, many employers are still reluctant to re-hire until they see a dramatic upturn in the economy. Some of the people who have lost their jobs have been fortunate enough to find work elsewhere, even if their new jobs are not optimal. Lifestyle adjustments are often required, and people who have taken on casual jobs just to stay employed should feel lucky to find work at all. Among those without a job, 5.8 million have been unemployed for over six months. Circumstances like this can take a toll on the wallet, and also on the psyche.

The Vicious Cycle

With so many people out of work or working low paying jobs, there is little money being spent. Businesses relying on sales of some sort are struggling to get customers. They cannot take on extra employees because they are not making enough money to keep them, or at the very least, they are wary of what the economy has in store for us in the upcoming months and years. Also, the government stimuli are beginning to run out, so there is less money for businesses to work with. Consumers are unable to spend, and companies are unable to hire, which makes the economic crisis geared for a longer period of time.

How Long is the Crisis Going to Last?

The unemployment rate is starting to decline, but not fast enough. Experts are estimating that within a year's time the rate will be above 9 percent, slightly down from the current 10 percent. Since the job market has been so scarce, the government has had to extend the length of time a person can get unemployment benefits beyond 26 weeks several times in 2009, and it appears they will have to keep doing so.

Job Competition is Fierce

If you are one of the many Americans who is unemployed and looking for work the odds are definitely not great. It’s estimated that for every job opening there are six candidates that are unemployed. There obviously are other people to consider. This number does not include the many employed people who are searching for full time or higher paying opportunities.

Try to Remain Positive

It can be tough to stay optimistic is such trying times. Taking a casual job can be humbling, but you can take pride in the fact that you have beaten the odds. Also, try thinking outside the box. If you have skills that would allow you to take on freelance work, this can be a great time to use them. Companies are far more likely to offer freelancers work than regular employees in tougher times. The internet has a lot of opportunities open online.