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So just as things were looking up with gains on the markets and overall positive momentum, the economy put a big kaibosh on it all. Job numbers just came out and it ain’t pretty. It seems like we’re breaking all the wrong kinds of records these days, with the Canadian jobless rate at an 11-year high. With major automotive and manufacturing sector companies closing their doors at record rates, the news couldn’t have been positive despite positive sentiments on “main street.”
In the States, the jobless rate reached a 25-year high at 9.7 in May - a stark reminder of how difficult it is to find employment these days. According to the US Federal Reserve, unemployment rates are said to remain “elevated” until 2011.
A more staggering statistic is that job openings fell from 2.6 million to 2.5 million last month, which means that with close to 14 million unemployed in the US, (theoretically) every applicant is competing with at least five others for that same position. According to Heidi Shierholz with Economic Policy Institute in Washington, ”Unemployed workers are facing an increasingly uphill battle in the search for work.”
So despite market gains on the major indexes in North America and Europe, job losses continue to tell the true story of how the economies are going. Analysts and pundits alike agree that even if we continue to see positive short term gain, we are not out of the woods yet. Douglas Porter, deputy chief economist with BMO Capital Markets, told the Toronto Star that the Canadian labour market came “back to reality” in May.
“It’s hardly shocking that Canadian employment has retreated again–the job shakeout likely still has a way to go, even if the broader economy bottoms out in the coming months,” Porter says.
So where do you fit in all of this? Start by taking a free personal career assessment from the experts at ClearFit to find out what career you are a “clear fit” for. Once you’ve taken the assessment you’ll be able to view the results and use them to further your applications by providing proof of your strengths.
In addition, continue to see what’s out there and explore new opportunities by keep updated on industry trends, talking to friends and family and maintaining a positive attitude.
For more information stay tuned to this blog and feel free to email us directly at info[at]clearfit.com with any question or to set up your personal profile.

