During our June 18 webinar, Leah Daniels, SVP of Strategy at Appcast, talked about the current unemployment rate as it relates to finding candidates.
It’s worth taking a closer look at unemployment data – what it means and doesn’t mean – in order to provide further insight into today’s employment marketplace.
Boom and bust
In theory, unemployment data provides a snapshot of how the economy is doing. Low unemployment usually occurs in times of economic prosperity; businesses are thriving and therefore hiring. During an economic downturn, businesses tend to cut back on staff; layoffs are common, as are hiring freezes.
The unemployment numbers go down in good times, the numbers go up when things aren’t so good. These include the number of people filing first-time unemployment claims and the unemployment rate itself.
Historically, this “theory” has held true, with a few occasional ripples, and has made it easy to understand the economy as it relates to the employment marketplace. For the most part, this theory has also coincided with available candidates. In times of low unemployment, candidates have been harder to find. When unemployment is high, there are more people
The post More People Are ‘Unemployed’ Than the Numbers Suggest, but Not All Are Job Seekers appeared first on HR Tech Feed.