Unemployment rate reaches 6.5 percent

November 14, 7:40 AMEntry Level Careers ExaminerHeather Huhman

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In October, the unemployment rate rose from 6.1 to 6.5 percent, and the number of unemployed persons increased to 10.1 million. In the last three months alone, job losses totaled 651,000. Is this all bad news for the entry-level job market?

"The unemployment rate, and the media hype around it, is very scary for young workers, seeking to find their first job or internship. It almost becomes a young person’s excuse to not look as hard for a job or internship and instead take a year off or go on for an advanced degree immediately under the false premise that their chances of finding that first job are zero to none,” said Stephen Viscusi, author of “Bulletproof Your Job: 4 Simple Strategies to Ride Out the Rough Times and Come Out on Top at Work.”

Viscusi says that, although the unemployment rate is the highest in eight years, it is still low. “Yet, the knee-jerk reaction of employers is to fire senior workers in order to save money. The word ‘recession’ is a blank check for employers to fire workers’ for no reason at all. However, employers still have jobs they need to fill. Entry-level employees or interns represent an inexpensive way to fill those jobs,” he said.

Jennifer Kushell, president and co-founder of ys interactive and ysn.com, agrees. “In thinking about the current job market, your best bet is not to get emotional, but stay practical and challenge yourself to be very proactive about building and sustaining your new career.”

“This doesn't mean that new jobs don't exist, or that if you already have one that you're in imminent risk of losing it,” she continues. “It just means that you need to be extra resourceful to find and keep them. It's also going to be critical for you to really stay on top of the news and trends to keep an eye on the industry. This is not the time to be naive and just focus on ‘doing your job.’ Part of your new challenge in this economy is taking responsibility for keeping an eye on the bigger picture so you can be well informed, not just as a consumer, but as an employee.”

With the mindset that this economy is actually a great opportunity for those just now launching their careers, what should you be doing to keep that advantage?

1. Look the part. “That means dress appropriately for the job which you are applying. It is part of what creates that ‘chemistry,’ along with a firm handshake, attention to detail and doing your homework on the company,” said Viscusi.

2. Ask for the job. “A little humility goes a long way,” said Viscusi. “Employers tell me they ‘pass’ on candidates who don’t seem interested in the job, are passive or ‘qualified but arrogant.’”

3. Think like an economist. “Thinking like an economist will force you to start paying close attention to what's happening in different industries and job sectors so that you're not only aware of what's happening, but you can see trends, make some of your own predictions, and make your career moves more strategically,” said Kushell. “This is particularly important as you're planning and launching your career. And no differently than someone who's planning for their retirement, you need to have a solid strategy because your future success depends on it.”  

4. Act like an entrepreneur. “Acting like an entrepreneur means not only finding the opportunity, but acting on it – finding a way to capitalize on it,” said Kushell. “If you're launching your career and are stunned to see 240,000 new jobs lost in a single month, ask yourself, ‘What would an entrepreneur do?’ In a market based economy like ours, when you see something disappear, think of what's needed to fill that gap. Or, consider where the new opportunities might arise. Don't get stuck thinking that you're options are narrowed, because they're not. They're just different, and they're not as clearly spelt out for you.” 

5. Be a maverick. “Down markets like this often spawn some of the most highly successful people and biggest success stories. Stay sharp and jump at the opportunity that's out there,” said Kushell. “This is when you need to be a maverick and fight for your future and your career.  Don't take anything for granted.” 

For more tips about launching your career during economic uncertainty, download my e-book, "Gen Y Meets the Workforce," for free.