Need Help Finding a Job? The Fed Understands

December 24, 2012

Job Hunt, Networking, Unemployment Stats

Get Hired Fast - need help finding a jobThe Federal Reserve Board in mid-December took a step to help spur the economy and create more jobs: It agreed to keep a key short-term interest rate near zero until the country’s unemployment rate falls to 6.5 percent or lower. What does this mean for you if you need help finding a job?

Plenty, actually.

The Impact

By keeping the short-term rate at a miniscule 0.25 percent, the Federal Reserve Board hopes to boost economic growth throughout the country. The Fed also hopes to lower the amount of money it costs for consumers to borrow long-term to pay for high-priced items such as cars and homes.

If you are in the middle of a search for jobs, you want the economy to receive as many boosts as possible. After all, when the economy is doing well, companies expand and when companies expand, they need more workers.

And even though the nation’s unemployment rate has dropped in the last several months, it’s still far too high to make finding a job an easy task.

Unemployment Rate

The Fed has decided to keep the short-term rate at 0.25 percent until the nation’s unemployment rate, which at the end of November stood at 7.7 percent, falls to 6.5 percent or lower.

This might take some time. Yes, it’s a positive that the national unemployment rate has fallen below 8 percent. But if you consider the many people who have simply given up on their career and job search, then the actual number of people unemployed soars.

That’s why it’s more important than ever for job seekers to continue relying on sound job search strategies to land a job.

Today’s Job Search Strategies

To find a job today, you must boost your networking efforts. Staying in touch with business associates remains the best way to land work today. You also need to use such social media sites as LinkedIn and Facebook to stay in touch with your online business contacts.

Finally, make sure that your resume and cover letter explain clearly not only where you worked but what you accomplished while working there.

If you need additional job search advice, sign up for our Get Hired Boot Camp today. Our job search experts will help you land your dream job.

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