Jobs slashed, pointing to recession

WASHINGTON - Employers buffeted by talk of recession slashed 80,000 jobs in March, the most in five years and the third straight month of losses.
At the same time, the national unemployment rate rose from 4.8 percent to 5.1 percent, the clearest signal yet that the economy might already be shrinking.
The new snapshot of the job market, released by the Labor Department Friday, underscored the damage that a trio of crises _in the housing, credit and financial sectors — has inflicted on companies, jobseekers and the economy as a whole.
"The labor market has indeed turned south," said Joel Naroff, president of Naroff Economic Advisors. "That was the one last bastion of hope to stay out of a recession. Now the question is how deep and how long will it last?"
The unemployment rate was the highest since September 2005, when significant job losses followed the devastating blows of Gulf Coast hurricanes.
Job losses were widespread in March. Construction, manufacturing, retailing, financial services and various business services all racked up losses. That overwhelmed gains elsewhere, including in education and health care, leisure and hospitality as well as in government.
On Wall Street, stocks fell, with the Dow Jones industrials down more than 30 points in morning trading.
The new employment figures were much weaker than economists were expecting. They were anticipating a drop of 50,000 payroll jobs and the unemployment rate to rise to 5 percent.
The 5.1 percent rate, while relatively modest by historical standards, was the highest in 2 1/2 years.
Job cuts in both January and February turned out to be even deeper. Employers got rid of 76,000 in each month. The elimination of 80,000 jobs in March was the most since March 2003, when the labor market was still struggling to recover from the 2001 recession.
"We don't like to see one job lost, let alone 80,000," Commerce Secretary Carlos Gutierrez said in an interview with The Associated Press. "These are challenging times," he said. Gutierrez was hopeful that economy would turn around in the second half of this year given relief efforts by the government and the Federal Reserve. "We'll get through this."
The economy is suffering the effects of a housing collapse, a credit crunch and a financial system in turmoil. That's causing people and businesses to hunker down, crimping spending, capital investment and hiring. Those things in turn further weaken the economy in what has become a vicious cycle.
For the first time, Federal Reserve Chairman Ben Bernanke acknowledged Wednesday that the country could be heading toward a recession, saying federal policymakers are "fighting against the wind" in combating it. Many other economists and the public believe the recession already has arrived.
Bernanke wouldn't tip his hand about the Fed's next move. However, many economists believe the central bank will lower interest rates again when they meet later this month, and they said Friday's employment report would justify another reduction perhaps by half a point.
The Fed has taken a number of extraordinary actions recently — slashing interest rates, providing financial backing to JP Morgan's takeover of troubled Bear Stearns and opening an emergency lending program for big investment houses. All the actions are ultimately aimed at limiting damage to the national economy.
With a public on edge, Congress, the White House and presidential contenders are scrambling to come up with their own relief plans even as they engage in a political blame game.
In March, construction companies cut 51,000 jobs, factories eliminated 48,000 positions, retailers cut payrolls by more than 12,000. Professional and businesses services lost 35,000 jobs and temporary help firms cut nearly 22,000 jobs. Financial firms chopped 5,000 jobs.
When government hiring was removed, the numbers looked even worse. Private employers shed 98,000 jobs in March.
With the pace of hiring slowing down, the number of unemployed people increased to 7.8 million in March; workers with jobs saw only modest wage gains at the same time.
Average hourly earnings for jobholders rose to $17.86 in March, a 0.3 percent increase from the previous month. That matched economists' forecasts. Over the past 12 months, wages grew 3.6 percent. With lofty energy and food prices, workers may feel like their paychecks are shrinking.
Many analysts believe the economy shrank in the first three months of this year and could still be ebbing now. The government will release its estimate of first-quarter economic growth later this month. Under one rough rule, if the economy contracts for six straight months it is considered in a recession.
Bernanke and the Bush administration, however, are hopeful the economy will improve in the second half of this year, helped by the government's $168 billion stimulus package of tax rebates for people and tax breaks for businesses, as well as the Fed's rate reductions.
Still, even Bernanke predicted this week that the unemployment rate would rise in the months ahead. Some analysts say it could climb to 5.5 percent or higher by year's end

2008 Job Outlook for New Grads and Others

You're about to earn your degree -- now you're ready to earn the paycheck to match. According to a report from the Bureau of Labor Statistics, 14 million job openings are projected to spring up for degree-wielding professionals between 2004 and 2014, 6.9 million of which are expected to be open to new college graduates. These "pure-college" professions require at least a bachelor's degree and thus give college grads an edge over the competition.
It's no surprise that medicine and law fall into this category. But while those fields are notoriously competitive, opportunities abound in other areas. Accounting and IT are joining the roster of vocations that require a college degree -- and along with education, they comprise the fields expected to outpace all other pure-college occupations. Apply for one of these positions, and your degree could make all the difference.
1. Accountants and Auditors
Of the "pure college" professions, accounting has the most opportunities for non-grads, as 25 percent of workers in the field do not have a bachelor's degree. Although some entry-level positions may not require a degree, "if you're looking for growth in your career, you absolutely have to have a degree," according to Ralph Diaz, a senior recruiter with Accountants One, an accounting and financial placement team in Atlanta. But, he adds, "If you're looking for growth in your career, you absolutely have to have a degree."
This is especially true for certified public accountants, since aspiring CPAs are required to complete 150 college credits before even taking the exam. The payoff is that job opportunities in accounting far outnumber other business and finance positions.
EXPECTED OPENINGS: 486,000MEDIAN INCOME: $50,770
2. Computer Applications Software Engineers
Innovations in computer software have made computer applications software engineering one of the fastest growing fields in the job market. But although the occasional college dropout might land an enviable position (ahem, Bill Gates), most software engineers will need to complete a four-year curriculum.
"To get a position in the software field without a degree, you'd have to be a genius," said Dean Clairmont, a project manager with EES, an engineering executive search firm based in San Diego. "The bachelor's degree barely gets you in the door; you really want to pursue at least a master's in computer science."
EXPECTED OPENINGS: 268,000MEDIAN INCOME: $74,980
3. Elementary School Teachers
A key component of the No Child Left Behind Act requires schools that receive federal funding under the Act to hire new teachers with bachelor's degrees and certification and to ensure that all teachers of core academic subjects have bachelor's degrees, certification, and competency in their fields. Currently, approximately 92 percent of elementary school teachers hold a bachelor's degree or higher. And teachers have plenty of incentive to further their education. Those who hold a master's degree in education often qualify for a higher salary, and many schools allow working teachers to pursue postgraduate degrees while still actively employed.
EXPECTED OPENINGS: 587,000MEDIAN INCOME: $43,160
4. Secondary School Teachers
Approximately 95 percent of secondary teachers have completed a bachelor's degree; teachers are typically encouraged to pursue a degree in the subject they wish to teach before completing their required education courses and certification program.
Want to improve your chances of landing a position? Earn your degree in one of the most sought-after areas of expertise -- math, science or bilingual studies.
EXPECTED OPENINGS: 436,000MEDIAN INCOME: $45,650
5. Postsecondary Teachers
As college degrees become increasingly essential, so do college professors. The field of postsecondary education is expected to grow at twice the national average -- and offer more job opportunities than any other pure-college occupation.
A degree is required for anyone who wants to take advantage. Kristina Quay, an instructor at Sampson Community College in North Carolina, attests that her master's degree in education was vital to her attaining a faculty position: "There's no way you'll get hired without it," she says.
EXPECTED OPENINGS: 892,000MEDIAN INCOME: $51,800

Five Tips on Finding a New Job

The jury's still out on where the job market is heading, but one thing is certain: Employers have put the brakes on hiring. Job creation fell by 17,000 in January, the first month of decline in more than four years. Hard-hit industries like banking and real estate are already seeing layoffs and hiring freezes, and that means more qualified applicants are chasing fewer job openings.
Given that backdrop, job seekers should be prepared to dig a little deeper, says Cheryl Lynch Simpson, career coach with Ricklin-Echikson Associates. "The quality of your job search skills becomes more critical in an uncertain economic climate," Simpson says. "In a nutshell, your skills need to be better, you need to be more aware of career branding, and you must be more strategic about approaching employers." Here are five tips from the pros on how to land a job in this turbulent market:
More From U.S. News & World Report: • Careers for Changing Job Landscapes • Using the Web to Search for a Job • Best Careers 2008
Don't count on the job boards. Online search engines and résumé banks are seductive in their promises to connect job seekers with dozens of potential employers. Some career advisers call these sites "résumé black holes," which may be a stretch, but job boards do have significant limitations.
For one, many companies prescreen résumés using software that hunts for key words relating to skills, training, degrees, and experience. Even if you are a perfect match for the job, "your résumé may never get to someone who could decipher your potential value," says Debra Feldman of JobWhiz, an executive job search consultant.
An even bigger issue is that the vast majority of jobs are never advertised—online or anywhere. Says Feldman: "That's why you should put almost all of your job energy into networking and proportionally very little time submitting résumés online."
Tap your network. Ideally, you already keep in touch with an assortment of former colleagues and industry peers who will notify you about job leads before they go public. "More important than what you know is who knows what you know," Feldman says. "Make sure you're on the radar of people who have access to the kind of job leads you want."
If you're looking to work for a specific company, the key is to connect with a current employee. That might mean asking contacts in your network to leverage their network. An easy way to accomplish this is through a networking site like LinkedIn.com, where you can essentially connect with your friends' friends. "First, ask for an introduction," says Penelope Trunk, author of Brazen Careerist: The New Rules for Success. "Then, if you're at a lower level, the social etiquette is to say you want an informational interview. If you're at a high level, say you want to talk about the market and where the industry is going."
Offer to help others. Stay in regular contact with your network so you're not asking for a favor once every couple of years, Simpson says. "Periodically pass along a tip or an article," she says. "Think of it as putting money in the bank."
If you must contact someone out of the blue, offer something in return, such as an invitation to a lecture or a link to a website that might be of interest, Feldman says. "Chances are, if you had a warm relationship, people are happy to rekindle it," she says. "If you never had one at all, they might be startled, but they'll also likely be flattered."
Leverage the blogosphere. Find blogs relevant to your industry that are written by professionals at the top of their career, says Trunk, and become a regular commenter. "The great thing about the blogosphere is that it rewards ideas and passion, so you're not judged based on your résumé," she says. Once you've developed rapport with a blogger, ask about career advice and job leads.
Promote your brand. Forget modesty: Establish yourself as an expert in your industry. This might be as simple as volunteering your skills for a community project, participating in an online forum, creating a website, or—you guessed it—blogging. You could also try your hand at writing for an industry trade journal or an alumni newsletter. "Almost everyone can be a published author," Feldman says. The idea is to build credibility in your field and set yourself apart from the competition.

Five Steps to a Successful Phone Interview

If your resume did its job and sold you for the position you want, the next step is usually a phone interview with the employer. This phone screen usually takes place with a company recruiter or HR staffer to prequalify you for an opening. Since your attitude and answers can either move you to the next round or signal "game over," you want to be ready before you get that call.
Here are the five required action steps to take during your phone screen to help move you forward to that all-important, face-to-face interview:
1. Brand yourself.
You're not the only candidate being called. A lackluster performance will get you quickly scratched. If you can differentiate yourself from the beginning, you'll rise well above your competitors. One of the surest ways to accomplish this is to develop a personal branding statement of your own. Also called a Unique Selling Proposition, this is a short sentence that describes who you are, your biggest strength, and the major benefit that you offer your next employer.
A personal branding statement (or USP) might be: "I'm a seasoned Project Manager whose strengths in identifying and solving problems have saved my employers over $10 million while completing over $35 million in projects during the past nine years."
A branding statement like this makes you memorable because it's focused and it offers a benefit (saving $10M). If you develop a branding statement, or USP, that clearly can identify who you are and what you can bring to an employer, you've caught their interest and separated yourself from the pack.
2. Show enthusiasm.
A positive attitude can go a long way in your marketing efforts. This is your opportunity to shine on the phone, so take full advantage. This is especially important if the call came at an "inopportune moment" and you feel caught off guard. If this is the case, remember, you're not the only candidate they're talking with. When the call comes, congratulate yourself, knowing that you were one of the few who did make the initial cut. Now it's time to put on your "game face"; join the conversation with pure enthusiasm and demonstrate the conviction that you are a top candidate for this job.
3. Listen and answer carefully.
One of the major complaints from employers and recruiters about candidates is that too often the candidate doesn't answer the question being asked. Since you're on the phone, this is especially critical because you don't have the advantage of visual cues such as eye contact or body language. Listen carefully to the question being asked and answer that question only. Don't ramble or try to anticipate the next question, or you may talk your way out of the next step -- a possible job interview.
4. Flatter them.
It pays to do some research on any company you apply to. After all, the question, "Why are you interested in us?", is going to come up. Therefore, it makes good sense to have your ducks in line before the call and to be ready to mention why this company impresses you. Don't be bashful. Mention the product line, their superior management, their unique marketing approach, etc. Make sure you have something positive to say about them.
5. Close.
At the end of the phone interview, if you would like to proceed and talk further with this company, take the initiative and ask what a good time might be for scheduling a face-to-face interview. If you feel uncomfortable asking that, then ask this simple question: "What's our next step?" This should eliminate any confusion and set the stage for your follow-up date, should you not hear back before then.

Keywords Give Your Resume an Edge

In many employers you may be targeting for a job search, your resume will likely be screened by a computer long before it hits human eyes. Keywords can help your resume beat the system.
Companies use this method to help filter the thousands of resumes received into piles for qualified candidates and unqualified candidates. Unfortunately, this separation process isn't perfect. Sometimes, qualified job candidates are filtered into the wrong pile -- ending the job hunt before it even began.
Get Cues from Basic Research
Recruiters strongly suggest your resume includes keywords. Keywords are significant or memorable words that pertain to a subject utilizing bullet points. Recruiters say you can discover a company's keywords with some basic research.
Before structuring your resume, you should cruise through the company's corporate web site and take note of the listed values, mission statement, and objectives. Then, scope out the text of your preferred job listing and take note of specific qualifications, skills, required years of experience, or detailed phrases.
Chances are that the website will have an "about us" and a "careers opportunity" section that will provide clues to help you find what the company is looking for in a new employee.
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Some Words Have More Value
If a company continually mentions their business' relationship with a community, add any community service positions that you have held on your resume. Including these activities can help you catch the machine's attention. Odds are those are the words programmed into the company's resume screening databases.
The more words the scanner recognizes, the more value is attached to the resume.
Tips for Adding Value
Don't overdue it. Because so many resumes are being submitted, you want to make sure that your resume is a quick, easy read. Take your time and look carefully while researching a company so that you can filter out what the most important words and phrases are. You can add the strongest keywords into your resume without any excess baggage.
Try bold type, bullets. Once you identify the company's keywords you should find ways to build those words into your bullet points. When resume keyword searches were first introduced, college career services centers recommended listing keywords at the top of your resume. Recruiters tell us those days are history. These days, recruiters suggest bolding your keywords or an entire bullet point to add extra emphasis to your points.
Remember the cover letter. Some companies use keyword scans on cover letters as well, so be sure to add keywords to your cover letter when applying electronically.
Look for variety. Utilize the keywords so that they appear in all the forms that can be written. If you write that you have received a "master's in business administration" and refer to it again later on in the letter, write the acronym "MBA" to cover all the ways the machine may be reading your letter.

The New World of Job Interviews

The employment interview isn't what it used to be. While the vast majority of interviews are the standard face-to-face variety, technological advancements have made it possible for employers and applicants to connect quickly in other ways.
Some hiring managers conduct phone interviews during the early phases of candidate searches; others may request you meet via videoconference if you live far away. And, yes, certain companies even hold virtual job fairs.
Following are tips for success when participating in non-traditional job interviews.
The Phone Interview
Minimize distractions. Conduct the call from a quiet, private setting. You won't impress hiring managers if they hear loud pets, honking horns, or your clicking keyboard in the background. If possible, use a landline (which is often more reliable than cellular phones), and disable the call-waiting function.
Speak up. Because the interviewer can't read your facial reactions or body language, verbalize your thoughts. After the hiring manager completes a thought, say something like, "Yes, that aspect of the job sounds appealing" to keep the discussion moving. Speak with confidence and enthusiasm.
Have supplies handy. Keep your resume and cover letter at arm's length, as well as any company research you've collected. You also might prepare a bulleted list of speaking points or questions. Make sure a pen and pad are nearby for taking notes.
The Videoconference Interview
Mock it up. It's intimidating to be interviewed on camera. Calm jittery nerves by doing a trial run with a friend or family member. Record the mock interview and study areas where you can improve. Did you look at the camera, or did your eyes dart nervously around the room? Did you exhibit good posture or slouch? Rehearsing will help ensure you're polished at showtime.
Beware of busy backgrounds. Most video interviews are conducted at a videoconference site, your recruiter's workplace or an employer's satellite office. Wherever you are, remain the focal point by clearing the table of clutter. If you do the interview from home, choose a professional-looking, well-lit setting. In addition, make sure your computer's webcam and microphone are working properly a day in advance.
Dress to impress. Dress as nicely as you would for an on-site visit. And don't assume you'll only be visible from the shoulders up. More than a few jacket-clad candidates have unexpectedly been seated at see-through glass tables or stood up to reveal fashion faux pas such as jeans or shorts.
The Virtual Interview
Wear appropriate avatar apparel. An avatar is a computer-generated icon you create to represent yourself online. If you attend a virtual job fair on Second Life, a popular online community, for instance, your avatar should look professional. You don't necessarily need to don a virtual suit for an "in-world" corporate recruiting event, but don't show up as a flashy nightclub-goer, space alien, or vampire.
Message with care. When communicating via instant message on Second Life, focus on accuracy, not speed. Hiring managers will likely forgive a typo or two, but making a series of grammatical goofs will cause them to question your writing skills and attention to detail. Take a moment to proofread your message and steer clear of emoticons and cyber slang.
No matter what the meeting format, always send a thank-you note to those with whom you interview. Even when communicating with a hiring manager using high-tech tools, a traditional handwritten letter of appreciation will be well received.

Make Your Resume Stand out From the Pack

Make Your Resume Stand out From the Pack

Question: I have recently moved, and it has been tough finding work. I started looking for work back in April. What can I do to enhance my resume and land a job?-- Trying to Stand Out, South Bend, IN
Answer: So, what can you do to make sure your resume is selected from a stack that could be 400 deep? That's the challenge when it comes time to writing your resume.
The key is to make sure you write an accomplishment resume as opposed to a job-description resume.
Focus on Accomplishments
This is the single biggest mistake that virtually all job-seekers make: Most people write job description resumes. In essence, they describe not only what they did, but what anyone would have done. Here's an example:
Sales Representative, Szabo Industrial, Minneapolis, MN, 2003-Present
* Sold manufacturing components to clients throughout the Midwest
* Developed and maintained strong relationships with all customers
* Created call lists and scheduled in-person visits
* Managed personal budget and prepared reports
Now that may sound good, but the sad fact is that every sales rep in the history of Szabo Industrial -- or any company for that matter -- did those exact same things. The recruiting director will not say, "Wow this guy was a sales rep and he developed relationships with his clients -- let's get him in here."
The key to a great resume is to focus on what YOU specifically accomplished. What did you do that was unique, special, different, or distinctive?
Define Your Accomplishments
Think about your accomplishments -- both in terms of scope and results.
Scope: How big? How much? How many? How often?
Results: Did you grow sales? Did you save the company money? Were you recognized for your achievement? Did you create something new?
If you can guess from these questions, you get accomplishments through numbers, numbers, and more numbers. You want to be as specific as you can in everything you write.
A Better Example
Let's look at a new version of the sample resume. Same person, same job, but a very different resume
Sales Representative, Szabo Industrial, Minneapolis, MN, 2003-Present* Sold $35 million in industrial products to more than 1,200 clients throughout the Midwest
Ranked second out of 21 national sales reps
Exceeded company-mandated sales goals by 19%
* Personally secured more than 350 new customers through dedicated cold calling and in-person visits
* Managed a budget of $75,000 annually -- decreasing spending by 18%
* Prepared dozens of comprehensive summary reports delivered monthly to national VP of sales
Sounds quite a bit better, doesn't it? Wouldn't you want to hire this person? I know I would.
Here's a great evaluation tip: If what's written on your resume can be written by the person who held the job before you or after you -- rip up your resume and start over.
Good luck!