Tuesday, November 11, 2008

Employment numbers will deteriorate further

From the MailTribune:

As the nation's economy has plummeted in the last year, Oregon's unemployment rate has jumped from about 5.5 percent at the end of 2007 to 6.5 percent in August. It dropped slightly in September to 6.4 percent.
But Timothy Duy, an economics professor at the University of Oregon, and others predict an unemployment report the state plans to release next week will show a grimmer picture.
The state's figures, he said, will likely meet or exceed the national October average of 6.5 percent — a 14-year high for the U.S.
"I do think we are feeling the nation's pain now more than before," he said. "And we're already in a recession."
Duy's proof: In August and September, Oregon lost 17,300 jobs — a figure he said is larger than any two-month job loss the state saw during the 2001 recession.
"I think things are certainly going to deteriorate further," he said.

About six weeks ago, Kendall Brawner went from sales manager at a technology company — and making close to $50,000 a year — to job hunter.
Her boss said the company needed to reduce costs and close its Portland office.
Since she lost her job, Brawner's been busy polishing her resume, hoping to make her credentials stand out in the increasingly crowded pack of job-seekers in Oregon, where the unemployment rate has been above 6 percent for months.
On a recent day she was at a state employment office.
"When you're competing with so many people, your resume really has to be top-notch, or it goes into the circular bin," said Brawner, a single, middle-aged mother with a daughter in college, as she pointed to a trash can.

Brawner also is without health insurance, and if she doesn't find a job soon she expects she'll have to sell her Nissan SUV and go without a car. Her savings should last through the end of the month.
In hindsight, Brawner said, she spent more casually than she should have when she was employed. She has credit card debts that she wouldn't disclose — but the mere mention of it caused her to shake her head and shudder.
"I lived beyond my means."