This is Why You CAN’T Find a Job!!

Unemployment rate jump in the Unemployment rate unemployment rate has Jumped in just the last year the jobs Picture is not very Rosy in many Countries around the world unemployment Is at multi-year lows in theory this Means it should be easy to find work I Want to work I need to work and yet in Practice there has been a tsunami of Anecdotal evidence to suggests the Opposite is true and it's only getting Worse that's why today we're going to Examine why it is that you can't seem to Find a job despite their apparent Abundance and what you can do to stand Out from other Candidates now let's begin with Explaining what unemployment actually Means to put it simply a person is Counted as unemployed if they don't have A job but are currently available for Work and have actively looked for a job In the last four weeks there are three Types of unemployment these are Structural frictional and cyclical Structural unemployment can basically be Viewed as a mismatch in skills for Example you've seen a job as a car Mechanic but your skill set revolves Around coding in JavaScript obviously You can't exactly just code yourself a New car oil change frictional Unemployment is only temporary usually Only really occurring as you transition

Between jobs perhaps you've switched Careers or you've moved to a different City however cyclical unemployment is The most important form of unemployment And is the one that most people think About it arises from the business cycle When businesses look to reduce their Headcount to meet profit expectations as A side note there is also Underemployment which is when people are Working basic jobs despite being Overqualified think someone with a Master's degree in engineering working At the drive-thru at McDonald's Alternatively underemployment can also Include those who are actively seeking Full-time work and are working part-time Until they find it anyway according to The US Bureau of Labor Statistics or BLS The current unemployment rate in the US Is 3.9% specifically there are 6.5 million Unemployed people in the US and yet There are 8.5 million job openings However the BLS also predicts that There's an additional 5.6 million people Who want a job but aren't counted we'll Come back to how unemployment data is Calculated a little bit later something To keep in mind here is just because 3.9% of the population is unemployed That doesn't mean that 96.1% of the population is working there Are other factors to consider such as

Students retirees those with Disabilities or people doing the most Important job in the world raising a Family at home these people are Subsequently not counted towards the Labor force now obviously this data only Really applies to the US which has the Highest GDP of anywhere in the world but As the saying goes when America sneezes The rest of the world catches a cold as Such we'll mainly stick to US statistics Throughout the video for Simplicity sake By the way have you liked this video yet Come on we know you want to I bet you Want to per that subscribe button too Don't you please Be Our Guest and you See that little bell icon go ahead and Treat yourself you deserve it anywh who There is a ton of reasons why people Aren't finding jobs but one reason is Because doing so would actually be a net Negative basically people are unwilling To accept salaries that don't meet the Rising cost of living and employers Don't want to pay too much because they Have their own cost to think about this Creates a bit of a 22 situation leaving Job positions vacant for longer another Reason is because of how competitive the Job market has become this relates to The underemployment factor that we Mentioned a moment ago as people are Unable to compete with others who are Using their Advanced qualifications to

Fill entrylevel positions this has led To more and more people developing Additional skills just to maintain a Competitive Edge for example you could Complete a sales training course course Attend an AI seminar or you might even Develop your JavaScript skills in an Online coding boot camp much like our Hopeful mechanic friend from earlier Ironically many of these people who Develop new skills end up choosing to Work for themselves instead many others However will try and use the skills that They've picked up to apply for anything And everything they come across only as You'll see later this approach doesn't Seem to work we interrupt this program For an emergency crypto weather forecast Get ready for the Whirlwind of savings We're seeing a high press sign up bonus System forming in the Northeast with Some exchanges offering up to $60,000 Lush in the South will'll be Seeing some heavy discounts on Hardware Wallets so watch out for those if you're Going to be out and about and then over In central areas there's a high chance Of trading fee discounts which should be Setting in later on up to 60% off there Amazing for a more comprehensive Forecast visit the coin buau deals page Using the link in the description these Deals are red hot so make sure to take All necessary

Precautions that's all for the forecast Now back to our scheduled program now This ties into how the unemployment rate Is calculated for reference the Unemployment rate is the percentage of The labor workforce that isn't currently Employed the US Bureau of Labor Statistics releases the highly Anticipated unemployment data on the First Friday of every month the BLS Actually has six categories for Unemployment rates ranging from U1 to U6 The most commonly cited unemployment Rate used by analysts and by media Outlets is the u3 the one the general Public is the most familiar with anyway According to the BLS people working on a Temporary or part-time basis are Considered employed along with those Working full time they also include Those who've worked at least 15 hours a Week unpaid for a family business or on A farm people who are unable to work Aren't counted as unemployed and instead Categorized as outside of the labor Force the same applies to people who Have been looking for work but have Become discouraged by their lack of Success in finding any the BLS adjust The unemployment rate on a seasonal Basis accounting for predictable Variations these could include a surge In retail employment ahead of a busier Q4 or a Slowdown in construction in the

Same time period the BLS also provides An unadjusted version of the employment Rate for good measure now the employment Rate is one of the most watched Indicators for economic health along With GDP and CPI data that's because of The inverse effect the employment data Has on the markets in case you weren't Aware a low unemploy employment level Might be good for people's livelihoods But it's paradoxically bad for the Market that's because a low unemployment Rate means the economy is strong and That there is no reason for the FED to Lower interest rates if the unemployment Rate goes lower it could even mean the FED needs to raise interest rates as the Strong economy could cause inflation FYI Raising rates restricts borrowing and Spending conversely a higher Unemployment rate is paradoxically good For the markets because it usually means That the FED will have to stimulate the Economy by lowering interest rates which Makes it possible for people to borrow And spend more and in the case of the Rich buy up more of the assets as Regular folk are trying to buy like Homes that said a higher unemployment Rate can still be bad for the markets Under some conditions if unemployment Starts to rise quickly then this could Mean a recession is coming and that's Bad for the market Even If the Fed does

Cut interest rates experts generally Agree that an unemployment rate of Between 3% and 5% is ideal and the FED Targets 4% right in the middle go figure Now in case it wasn't clear enough the Employment rate helps informs the fair's Interest rate policy that's why analysts And the media will pay close attention To it however this is just one piece of The puzzle that's because the employment Rate is one part of the employment Situation summary more commonly referred To as simply the jobs report the jobs Report is based on surveys of households And employers it analyzes several key Pieces of data such as the number of People on payrolls the average number of Hours work per week the hourly earnings And several versions of the employment Data the jobs report is also the first To provide data for the previous month Making it one of the most highly Anticipated economic indicators because The federal reference the jobs report When setting monetary policy investment Firms will issue estimates ahead of its Release because of how it can move the Markets anyway the jobs report is made Up of two surveys The Establishment Survey and the household survey The Establishment survey previously known as The current employee statistic survey or CES collects data from over 120,000 non-farm businesses and

Government agencies it accounts for Approximately 13d of all workers on Payroll and as a fun fact the survey Excludes Farm Workers due to the Seasonal nature of the industry well the More you know notably The Establishment Survey provides data per state and per Industry and is seasonally adjusted in The same way as the unemployment rate is Data for non-farm payrolls or NFP Fe is Adjusted in both the establishment and The household survey to incorporate These seasonal adjustments as well as Additional survey responses as for Household surveys these are based on Monthly interviews of around 60,000 Households conducted by the US Census Bureau on behalf of the BLS household Surveys are what gives us the u3 Unemployment rate that we mentioned Earlier however household surveys are Also less precise due to having a Smaller sample size another unemployment Survey that the markets watch is the job Openings and labor turnover survey more Commonly known as jolts this is a Monthly report published by the BLS that Counts the number of job vacancies Against the number of separations Including voluntary quits as well as Layoffs or firings and other separations Such as retirements or deaths the job Openings of the jolts report are closely Monitored as an indicator for labor

Demand whereas quits are monitored as an Indicator for employment demand together The jels provide a gauge for turnover Rates the thing is people only tend to Pay attention to a portion of the jol's Data specifically the job openings the Problem is this doesn't provide a clear View of the bigger picture now this begs The question of how the current jobs Data matches with the state of the Economy well if you were to look at the Unemployment rate and the number of job Openings things might look hunky dory on The surface recall that the current Unemployment rate in the US is 3.9% which economic analysts would agree Is reasonable as it falls within the 3 To 5% range and recall that there are Currently 6.5 million unemployed people In the US with 8.5 million job openings Plenty for everyone right well not Exactly you see the real problems lie in The rate of hiring if you exclude March And April of 2020 hiring in the US Economy is actually at its worst level In 6 and a half years this is something That Jeff Snyder over euro dollar University discusses at length and we'll Leave a link to his video in the Description for you to check out in that Video Jeff explains that the rate of Hiring in March this year came in at 5.5 Million people which is the lowest Hiring rate since December 2017 he also

Explains that the number of people Quitting their jobs is falling and That's because people know how hard it Is to get reemployed once they leave This is more concerning than you might Think because it proves just how weakly The economy is performing despite what Jerome poeno would have you believe That's because logically businesses will Slow down their hiring when they don't See enough potential to generate more Revenue in fact this is something that's Even been known noted by the S&P Regarding Q2 of this year they said and I quote a number of survey respondents Indicated that they have held off on Backfilling positions following the Departure of Staff as a result Employment decreased for the first time Since June 2020 this underscores Something that the FED doesn't seem to Take into account a low unemployment Rate does not equal a booming economy Something that we are literally seeing Right now the thing is a primary factor Calculating if the economy is officially In a recession is to see if there's been An increase in the unemployment rate and Some would argue we're already in one Although this really depends on your Definition for reference the Federal Reserve notes a recession as being two Consecutive quarters of decline in GDP Whereas the National Bureau of economic

Research or NBR provides their Definition is and I quote the period Between a peak of economic activity and Its subsequent trough or low point and If you've watched our video about when a Recession could be here you'll know that Former fed Insider Danielle de Martino Booth believes that the US has actually Been in a recession since October 2023 Because the unemployment rate in the US Has gone up in every single one of the 50 states we'll leave a link to that That video below there's also an Indicator known as the S Ru the S Ru has Been able to accurately predict every Recession for the last few decades much Sooner than other unemployment data the Sam roll needs to be above A5 for it to be confirmed a recession Right now at the time of me shooting This video it's sitting at 37 but it is Slowly Rising besides the official Government data on the ground data Suggests that an increasing number of People are relying on their credit cards To buy Necessities not really what you Want in a so-called strong economy and It's really the tip of the Consumer Debt Iceberg there are millions of people Resorting to using by now payat services On top of their existing debts just to Get by if you watched our recent video On bnpl you'll know it's a slippery Slope that could leave you the economy

And the markets in a mess there's a link To that one down below by the way guys But again there is an apparent abundance Of jobs out there so what gives as it Turns out there are several reasons why Finding a job is more difficult than it Seems the biggest reason is because of What's known as ghost jobs no these Aren't jobs where you get paid to call Yourself Casper wear a bed sheet and Chase after your neighbors as fun as That might sound Ghost jobs are postings that a company Will put up for a job that they have no Intention of filling at least for that Moment in time ghost jobs are listed by Companies to give them certain Advantages for example they could keep a Job listing open indefinitely even if It's already been filled because the Employer knows it's a job with a high Turnover rate keeping it open saves Costs on relisting ghost jobs also allow Business businesses to attract top Talent for the role basically because so Many people out there are desperately Looking for work employers can be more Selective in who they're hiring all the While companies will build up a database Of talent they can store hundreds if not Thousands of applicants data that show All of their skills and experience that Way when the time does come to fill a Particular role they can simply contact

The most desirable candidate this data Also allows companies to scope out the Competition because it often includes Information about if they've worked at a Rival firm and how much they were paid For their time this allows employers to Cut costs by finding people who will Accept the lowest pay companies Exploiting this system can hold off to Find the perfect candidate if they can't They can just keep updating the current Staff that they'll be a new team member As soon as the right one comes along Honestly it is a a broken system rigged Against workers but it is great for Businesses but perhaps most important For the employer advertising jobs looks Good to shareholders because it gives The illusion that the business is Growing even if it isn't rather than Seeing that businesses is struggling and Selling stocks as a result this apparent Growth could actually help bring in even More investors however ghost jobs aren't The only thing making Difficult to find employment consider This you can now upload a resume to a Site like indeed or LinkedIn and spam Applications across thousands of Positions at once well so can everyone Else this means that employers are hit With thousands of resumés at once and Nobody in the world will have time to go Through all of them thankfully for the

Employer at least there are now ai tools That can filter through all of these Applications to whittle that number down However this convenience comes at a huge Cost to both the employee and the Employer a survey found that up to 75% Of resumés are rejected before they're Even read by human eyes and rejections Include people who are both Underqualified and overqualified but Maybe a job isn't being filled because It just isn't desirable enough as we Touched on earlier even the bare Necessities are much more expensive than Than they used to be so people might not Want a job that pays a low salary or has An irregular schedule with little to no Benefits or even job security and Speaking of job security it's not just Difficult to get a job but in some cases It's even harder to keep it in 2022 Engadget got hold of a leaked report From Amazon which revealed their staff Turnover was so bad that despite being a Business of 1.6 million people Amazon Was actively hiring 2.4 million people This puts their staff turnover at 150% now to be fair this practice might Be sketchy but it isn't illegal and Because it seems to work well for Employers it isn't likely to stop Happening anytime soon the difficulty in Finding a job can be seen everywhere From large corporations cutting

Thousands of jobs to small businesses Closing down and even people on Tik Tok Saying they've applied for over 1,000 Jobs with little to no success and from The 16 final Interviews I've got one offer a lot of This comes down to the demand for Various sectors slowing down after the Pandemic for example Expedia announced 1,500 layoffs in February accounting for 9% of its overall Workforce due to Slowing travel demand after the post Pandemic boom other companies are Cutting their Staffing numbers after Over over hiring during the pandemic Such as indeed which ironically Announced 1,000 layoffs when you lose Your job at a company designed to help You find work you know things aren't Exactly going well it's not just the Pandemic causing layoffs either for Instance Tesla's CEO Elon Musk announced Over 6,000 layoffs due to reduced sales Of its EVS logistics company UPS has cut 12,000 jobs in order to save around $1 Billion in cost with managers and Contractors making up a majority of the Positions being laid off as for smaller Businesses these have had an even harder Time keeping up with the economy in fact According to the BLS 20% of small Businesses close within a year and just Under 35% of them make it to their 10th Anniversary this is significant because

Despite corporations making the Headlines it's small companies that make Up as much as 90% of all businesses Around the world accounting for 60 to 70% of all employees many small Businesses claim to be struggling to Fill positions citing a lack of Qualified applicants although given what We discussed earlier whether this is True or not is Up For Debate regardless Small businesses typically list quality Of Labor as the second largest challenge Behind inflation of course some sectors Tend to struggle more than others as you You can see in this chart the industry With the highest unemployment rate is Leisure and Hospitality with 5.7% on the flip side the sector with The lowest unemployment rate is Governments with just 1.2% what a Surprise so then this begs one all Important question with the job market Becoming more and more competitive by The day how can you position yourself to Stay ahead of the pack as it so happens There are a few steps you can take to Boost your chances of Landing a job the First thing you can do is to go out and Network speak to people who work in an Industry you're interested in and try And get yourself a seat at the table so To speak in a lot of cases it's not what You know but who you know that will get

You where you want to be another thing You can do is to find something you Enjoy and something that you're good at And to master it to quote Mr Warren Buffett in the world business the people Who are most successful are those doing What they love start Hing your skills in These areas and sooner or later there Won't be a reason for a company to say No but what if they still do well maybe Your skills can give you the option to Work for yourself maybe you love Decorating or perhaps you love writing Whatever your talent is consider putting It to good use by building your very own Business around it if that doesn't sound Sound like you and you'd rather try and Get your foot in the door of another Company than consider working voluntary For a bit if that's an option for you of Course not only will you be able to Showcase your skills but you'll be the First in mind for consideration if and When a job comes up you could even make That consideration the condition for Your voluntary support next stop is your Resume your rume is basically your own Sales pitch so you want to make sure That it follows a few basic rules keep It short but detailed add a few personal Touches and use a template that makes it Appealing to the hiring manager put Yourself in their shoes would you be Interested in reading it or would your

Eyes just glaze over there are plenty of Templates online you can use if you're Not sure how to structure your own and If you really want your job application To be considered then don't just Spam Applications to thousands of positions In a spray and prey approach take time To go through each application and find Out further information apply through The website directly as well as on Indeed or whatever job site you're using Maybe you can even find the contact Details for the hiring manager if you do Then why not send them a message Highlighting your eagerness to work There you know if you're feeling busy Enough why not send a voice message this Provides a much needed personal touch Rather than just being another rume in a Long list of RS whatever steps you Choose to take we here at coin bu wish You all the very best of luck Happy Hunting okay guys that is all for Today's video if you found it Interesting let us know by Smashing that Like button if you want to get more Interesting content like this subscribe To the channel and ping that Notification Bell if you know someone Who would find this video interesting Take a second to share it with them as Always thank you so much for watching And we'll see you all next time this is Jessica signing off

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