If I can read between the lines with a announced 8.1% unemployment rate combined with discourage workers and those working part time but looking for full time and the reduce weekly hours of those with jobs our true unemployment rate is around or above 20%! Ouch OUCH OUCH!
Bruce Steinberg who writes a about unemployment www.brucesteinberg.net
The “Beige Book”, so named because of the color of the cover, reports on business activity in each of the 12 district banks. Perhaps the Fed should adopt the scale used by the Department of Homeland Security, which rates the terrorist threat level by green (low), blue (guarded), yellow (elevated), orange (high), and red (severe), for the report cover color. Below is an excerpt that details developments in sectors that many of our readers have business interests in:Demand continued to fall for professional services such as business consulting and accounting services, legal services, and other professional services in various Districts. However, Dallas noted a modest increase, albeit less-than-expected, in demand for legal services due to increased bankruptcy proceedings. Providers of information technology (IT) services in the Boston District saw a drop in activity on average, although some firms have sustained strong revenue growth; activity among providers of IT services was reported as stable to up in Kansas City, and Minneapolis reported that some IT services firms have seen solid demand from companies that are intent on using the technology to reduce costs. Demand for staffing services weakened considerably. Boston reported that outcomes for providers of temporary staffing services were “dismal,” with revenue declines in the range of 20 to 50 percent compared with twelve months earlier. Chicago and Dallas also reported sizable declines in activity by staffing firms, and New York noted that activity by a major employment agency has “virtually ground to a halt.”Mr. Steinberg is correct and so is the “Beige Book” about the declines in the staffing industry. My work at NAPS www.recruitinglife.com supports the Fed’s summary. And our members are experience several business challenges.
We here at Berman Larson Kane www.jobsbl.com continue to see the attendance of our weekly community service project webinars for the unemployed swell. We are lucky enough to have some great clients that keep us busy with projects in their pockets of growth. Our contracting business continues to holds its own and our corporate transition coaching (BLK version of outplacement) continues to prosper.So once again I am thankful for our wonderful experience staff, great clients and our strong work ethic in these challenging times. I always take the message from our new president “YES WE CAN” add wonderful value to the employment picture in our small way.