Slowdown Affecting Various Categories Of Workers Differently
February 6, 2001
Depending upon their particular areas of expertise, some job-seekers who have been laid off in the cooling U.S. economy will find it easier to find new work than will others.
- Employees with technical training or service-industry experience are having a far easier time finding new jobs at their former pay level than blue-collar workers in manufacturing, economists report.
- But laid-off white-collar executives are finding they must market themselves aggressively.
- Personnel experts say that it took on average about 3.3 months last year for financial services, marketing, accounting and other laid-off white-collar employees to find new jobs -- but so far this year it is taking somewhat longer.
- Many companies are postponing hiring and delaying plans for new product lines or other business expansions -- which would otherwise create new positions.
During the last recession -- from mid-1990 to March 1991 -- layoffs didn't surge dramatically until a year after the downturn started. But today, companies are reportedly shedding staff far more quickly.
Source: Rachael Emma Silverman and Patrick Barta, "Laid-Off Workers Find Job Search No Longer a Cinch," Wall Street Journal, February 6, 2001.
For WSJ text
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