NEW YORK, NY--(Marketwire - 06/01/11) - With the national unemployment rate at nine percent and an economic recovery that is turning two-years old, everyone is asking this question: Will the economy go up, down or sideways in the future? A study conducted by The Research Intelligence Group (TRiG), and commissioned by Al Angrisani, former U.S. Assistant Secretary of Labor and president of Angrisani Turnarounds, LLC, offers insight. The mid-year report provides a view of joblessness and its potential implications, not through the eyes of economists or politicians, but from the perspective of the Americans most affected by the stubbornly high unemployment rate: job seekers.Here are some key findings of the report:
- Seventy-one percent of unemployed job seekers are feeling less encouraged about their ability to find jobs than they were when they started their searches, compared to 47 percent among job seekers overall, including those currently employed. Older job seekers (age 35+) were more discouraged than younger workers (under 35) by a substantial margin.
- Fifty-eight percent of respondents reported that companies are not hiring, while 54 percent said prospective employers are telling them their skills are either not adequate or do not match the job requirements. A majority of white job seekers (67 percent) said they are being told there are no jobs for them, while minority job seekers were more likely to indicate they've been turned away because of inadequate skills.
- When asked why they are looking for jobs, 32 percent of job seekers said they are unemployed and need a job, while 36 percent reported that their current jobs do not pay enough.
- Overall, 32 percent of American households have at least one member of the household actively seeking a new job, and 16 percent of the households have at least one member officially unemployed.
What it all suggests:1. While the economic recovery will turn two next month, it still is not strong enough to generate enough jobs -- and especially enough high-paying jobs -- to substantially reduce unemployment in America.2. The high level of discouragement among job seekers could be a leading indicator of a slowdown in hiring, and possibly the recovery.3. The fact that half of all employed job seekers are looking for new jobs to increase pay may be a sign that the jobs that have been created during the recovery are low-paying. Without sufficient income in the hands of American workers, consumer spending could slow down, and potentially weaken the recovery.4. There appears to be a line between two groups of job seekers: experienced, educated whites, and young, unskilled (often black or Hispanic) workers. While people in the first group are struggling to secure better-paying positions, job seekers in the latter group are scrambling just to find employment.Angrisani concluded from the study, "Corporate America and small businesses remain unconvinced that this recovery, largely built on the free money policies of the Federal Reserve and government deficit spending is sustainable. So they do not appear to be investing in the creation of new jobs at the same rate as in the previous recoveries."About TRiG
The Research Intelligence Group (TRiG) offers full-service global and custom market research to organizations of all sizes. In a global environment that presents an increasingly complex landscape of challenges and opportunities, TRiG delivers information and insight organizations need to make inspired decisions that support their growth and success. An all-star team of extraordinary research professionals provides innovative approaches that deliver illuminated information -- quickly and affordably.About Angrisani Turnarounds
Building on his decades of experience in the turnaround industry, Al Angrisani has established Angrisani Turnarounds, LLC, as a vehicle for helping troubled companies overcome the challenges that have weighed them down and diminished shareholder value. With the proven Angrisani Hierarchy of Value Creation Model (AHVCM) at its heart, the company's mission is to work closely with Boards of Directors to transform troubled and under-performing companies (TUCs) into high-performing, innovative businesses that create new wealth for shareholders.