October unemployment figures in the US and in my state, Texas, were released this past Friday. The numbers shifted a fraction of a percentage point from September's numbers. Apparently, slightly more people have become unemployed than found jobs during this past month. The unemployment rates for October 2008 were 6.1% in the U.S. and 5.4% in Texas. In the city where I live, Austin, the rate was 4.8% (4.7% in September).
In addition to the usual stuff that influences the job market, officials say that Hurricane Ike will continue to skew the numbers in Texas because unemployment claims rose by 300% in the aftermath of the storm. Citizens of our state are still being affected from when Ike hit the coast on September 13. My friend’s sister and her husband had to relocate permanently to Dallas after Ike devastated their home in Galveston. (Talk about chaos caused by turbulent waters... literally!)
I know, I know... I'm all about positive attitude and inspiration, not doom and gloom and fear. Don’t worry. Now that I've given you some of the data that’s being reported, I’m going to show you a couple of points of shift in perspective.
First perspective point to consider is that economists, and I don’t know exactly how they figure this out, say that full employment is defined as 4%-6%. They say that we will never have 0% unemployment because of changeable market factors and because not everyone who gets captured in the numbers really plans to or wants to become employed. Anyway, it’s interesting to note that, according to the economists, we are on the tippy top of that scale and so still considered at full employment in the US. In Texas and Austin, we’re doing much better than the country at-large.
Recently, I’ve had several conversations with colleagues and clients during which we discuss how fortunate we feel to be living here in Texas. We could be in Michigan instead, where the unemployment rate for October 2008 was apparently 9.3%!
One more point of perspective shift. Guess I’m a “glass is half full” kind of gal, but I’m not the only one! A former co-worker used to say, “The weather forecast might call for 60% chance of rain today, but that means we have a 40% chance of sunshine, too.” Looking at it from the other side, 4%-6% unemployment also means that 94%-96% of people are working. Do you realize that during The Great Depression, the unemployment rate peaked at just under 25% in 1933? So, even though our nation’s current 6.1% isn’t a walk in the park, nor is Michigan’s 9.3%, we aren’t even close to the worst it’s ever been! And, interestingly, the worst it’s ever been is still that the majority of folks had work.
The challenge is not to get caught up in the 4%-6% mentality. Not to get hung up on the news report that says some number went down from where it was last month. What can you do today that will move you over into the ranks of the majority? How can you be the 94%-96%?
And even if you aren’t one of the ones looking for a job right now, are you one of the ones stuck in a scarcity mentality in general? If so, what can you do today to shift a couple of points over in perspective? My friend’s sister is shopping for a new wardrobe and her husband is interviewing for a job in Dallas. The home is gone but not their life and not their purpose here. Think on that for awhile and see if you don’t start counting your blessings again.
