A Closer Look at Job Stats: Shooting for 6.5% Unemployment

December 13, 2012

Job Hunt, Unemployment Stats

Get Hired Fast - job statsThe national unemployment rate is one of the most closely watched job stats in the United States, and with good reason. It is a direct measure of how successful U.S. residents have been in their efforts to find a job.

We can all agree that the national unemployment rate of 7.9% is too high; too many people are struggling in their job search. Others, discouraged, have dropped out of the job search completely.

But what unemployment rate should we be aiming for? The country can’t have an unemployment rate of 0%. But what should its unemployment rate be to ensure a healthy, stable economy?

The Magic 6.5% Unemployment Rate?

One key official with the Federal Reserve points to a national unemployment rate of 6.5% as a worthy goal.

Charles Evans, president of the Chicago Federal Reserve Board, wants the Federal Reserve to keep the federal funds rate near zero until national unemployment drops to 6.5%, according to a recent feature story by CNNMoney.

That’s a significant goal. The unemployment rate hasn’t been as low as 6.5% since 2008.

Your Job Search

A lower unemployment rate, of course, might provide a boost to your job search. Assuming that you are qualified for the positions that you are seeking, a lower unemployment rate would also lower the competition you face for open positions.

Today, job listings at the best online job sites often attract hundreds of qualified applicants. It’s hard to stand out among that crowd, even if your experience, education, and skills are perfect matches for the job being offered. The odds aren’t even good that hiring managers or human resources professionals will even open your job applicant or your e-mail message.

Less Competition

But if the national unemployment rate falls and a greater number of your competitors find work, your efforts to find a job should prove more fruitful if you rely on the job-finding tools that work in today’s economy. If you network with business associates, search for hot job leads through social media sites and tweak your resume to highlight your career accomplishments and not just your career stops, a lower unemployment rate should boost your odds of landing interviews and finding work.

That unemployment rate of 6.5% is certainly one of the job stats that we’re all looking forward to seeing. But until the country hits that number, you’ll need to run the most efficient and effective job search possible. If you need help finding a job, sign up for our Get Hired Boot Camp today. Our career counselors can help you cut your job search short.

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