BY: Adam Gavriel
Goldman Sachs believes that America’s economic growth will only be a shade of what it once was. Predicting that the U.S. will only report a rise of 1.5% in the second quarter and continue to grow slowly at a rate of 2% in the third quarter, Sachs believes that America will continue to be in the “Great Recession.”
These numbers came at a big surprise to economist Jan Hatzuis who predicted a rise of 2% in the 2ndquarter followed be a big increase to 3.25% in the third quarter.
Consumer confidence has also fell almost 20% recently, going back to its level only previously seen in 2009 when Citi was facing bankruptcy.
The slower the growth, the lower the consumer confidence, the higher the unemployment. Goldman Sachs has already upped their prediction for end of the year unemployment numbers from 8.25% to 8.75% after the discouraging reported growth of the US economy. Even though the 8.75% will be a smaller number than the current 9.2% some states, most likely including Connecticut, will still be operating at an unemployment number of greater than 9% (In May, CT reported a 9.1% unemployment rate – and hasn’t been at under 9% since 8.9% in 11/09).
With all the economic troubles, and the hit Japan took with the earthquake (congratulations on the World Cup win, can’t wait for the movie) the world’s economy, specifically the US economy, seems to be at a halt within itself.
Let’s break this down.
The higher the unemployment rate, the more people there are looking for jobs (obvious) however what’s not so obvious is the underlying meaning beneath this number. The higher the unemployment, the more competition there is for jobs. The more competition there is for jobs, the more selective companies can be. Selective companies can be a recruiters nightmare, but not for Crossroads Consulting. As a Connecticut based executive search and recruitment firm Crossroads Consulting is insulted by the 9% unemployment rate in CT.
Understanding that the higher unemployment gets the more “picky” companies can get, we aim to put the “human” back into human resources on every level.
We know you may not have time to build up your resume and perfect it to send to an employer. We can do that for you.
We know that you may have just gotten laid off from a company you’ve worked for the past 15 years and don’t remember how to interview. We can help you with that too.
If you’ve been keeping up with the blog this summer you’ve gotten great advice on resumes, cover letters, and interviewing, things nobody should be giving away for free but we did anyway.
Take a trip to our website and see what we have to offer.
When we say we’re here to help on every level, we mean it. Let’s eliminate CT unemployment together.