CLARKONOMICS: The official unemployment figure for February now sits at 8.1%; that means roughly 1 in 12 Americans are without work. And it's likely to rise to somewhere between 10% and 12% before this whole recession is through.
But there is a second stat that economists watch even more closely called the U-6. This number measures those who have been laid off from full-time work and may have to work two part-time jobs to make ends meet, plus those who have simply given up looking for work because it seems like the jobs just aren't there.
The U-6 rate is just under 15%. Clark thinks this figure could go to somewhere between 18% and 19% when you extrapolate based on his projections about the official unemployment rate.
Let's face it, unemployment is
not a vacation. The days feel like weeks, the weeks like months and the months like years. So often we measure our self-worth by our livelihood. Yet we are so much more than whatever job we do.
Recovery will eventually come, but it probably won't be in 2009. Clark recently spoke about the
nearly $4 trillion that people have just sitting on the sidelines in money market funds. When that investor psychology turns and people put their money back in the market, that's going to be another key to us starting to lick this unemployment problem.
Sitting alone behind your computer and sending out resumes is only one approach to finding work. See Clark's list of
freelancing websites and his
work-at-home guide for more assistance.
And don't underestimate the power of networking face-to-face with contacts!