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  • Number of Long-Term Unemployed Professionals Continues to Decline

    11/30/14 10:00 AM | By :Exact Staff | Categories : Employers, News | Leave a Comment
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    America is getting back to work.

    According the Bureau of Labor Statistics’ (BLS) latest data, our nation’s employment situation continues to improve. Here are a few key statistics from the BLS Economic News Release:

    • The unemployment rate (5.8 percent) declined in October, down 0.8 percent since the beginning of the year.
    • Currently at 9.0 million, the number of unemployed persons has dropped by 1.2 million since the year’s start.
    • Total nonfarm employment increased by 214,000 in October, continuing its average monthly incline for the last 12 months.
    • Though the number of long-term unemployed (those who are jobless for 27 weeks or more) was little changed for October (currently at 2.9 million), this figure has declined by 1.1 million over the past 12 months.

    But the News Isn’t All Good.

    The long-term unemployed may be slowly returning to the workforce, but they still account for an astounding 32 percent of the unemployed. During the recession, the long-term unemployment rate more than quadrupled, so the declines we’ve seen recently are not enough to return the rate to pre-recession levels.

    To make matters worse, a long employment gap creates a stigma that’s tough to overcome when looking for work. Recruiters may automatically pass over candidates who have been out of work for an extended period in favor of those with a more stable recent work history.

    Should You Hire the Long-Term Unemployed?

    If you’re hesitant to hire a professional with a substantial employment gap, consider Exact Staff’s temp-to-hire option. This strategy is good for your business, good for candidates and good for our economy:

    • In a time when unemployment has fallen below 6%, your business needs to consider every potential source of talent – including those who have been out of the job force for awhile. Temp-to-hire offers a risk-free way to evaluate these individuals through a “working interview” and see if their skills, experience and personality fit your requirements.
    • The ranks of the unemployed include talented, educated people with sought-after skills and decades of experience (in other words, exceptional job candidates!). Temp-to-hire offers a path to direct employment for this group, allowing them to showcase their abilities on the job, boost their confidence and earn good money.
    • Although unemployment rates have been on a steady decline, millions of good people remain unemployed (though it may be no fault of their own). Temp-to-hire allows them to once again become productive members of our workforce – which is great for the economic recovery.

    Want to learn more? Contact Exact Staff to learn more about our temp-to-hire staffing option.

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