U.S. Initial Jobless Claims Fall More Than Projected

The number of Americans filing claims for jobless benefits fell more than economists predicted, a sign some employers have stopped paring staff as the recession eases.

Applications dropped by 38,000 to 550,000 in the week ended Aug. 1, figures from the Labor Department showed today in Washington, marking the fifth consecutive week of fewer than 600,000 claims. The total number of people collecting unemployment insurance rose.

The pace of job cuts has slowed even as unemployment is projected to exceed 10 percent by early next year. Economists surveyed by Bloomberg News say a report tomorrow will show the jobless rate jumped to the highest in 26 years in July. Stagnating wages and falling home values also mean consumer spending, 70 percent of the economy, will be slow to recover.

“These numbers signal the worst is behind us, but we are not out of the woods yet,” said David Semmens, an economist at Standard Chartered Bank in New York. “We are not going to see strong consumer spending with numbers that look like this.”

Full Story Here: Bloomberg.com

Recent grads face lean, mean job market

It’s a tough time to be looking for a job, especially for those fresh out of college.

U.S. Bureau of Labor Statistics reports that in June 2009, the unemployment rate for 16- to 24-year-olds was nearly 18 percent, more than double that of 25- to 54-year-olds (8.5 percent) and workers over 54 (7 percent). Not only are the country’s unemployment woes hitting this age group harder than others, but the trend isn’t likely to reverse anytime soon.

A recent survey by the National Association of Colleges and Employers found that employers expect to hire 22 percent fewer new college graduates this year than they hired in 2008. Equally discouraging is recent data from the BLS Job Openings and Labor Turnover Survey shows that for every five job seekers, less than one job is available.

What does this grim news mean for new grads in East Tennessee? How are they coping as they face the worst job market in decades? Six area college graduates talk about their job search experiences and their outlook for the future.

n Graduated: University of Tennessee (Knoxville), May 2009 n Major: Child and Family Studies (Masters)

When asked about her dream job, Barr is quick to answer: “I can teach Pre-K through third grade, but I love working with preschoolers. My dream job would be in a preschool program in a public or private school.”

Currently Barr has a summer job working at Camp Wesley Woods in Townsend. If she does not have a teaching job by the end of summer, Barr hopes to gain experience by substituting for Knox County Schools this fall.

Full Story Here: www.knoxnews.com

8 Jobs That Are in High Demand for the Future

With the economy shrinking, many job-hunters are looking for a new career that pays well – and they need to find out what are the best jobs for the future. Here are the careers that are forecast for strong growth over the next decade, based on Bureau of Labor Statistics projections through 2016.

Robin Ryan, career coach and author of 60 Seconds and You’re Hired says, “I look at where you can make good money, where employers are looking for people and saying they can’t find them.”

She notes that the federal growth forecasts are a couple of years old, and some fields are undergoing rapid change. Be on the lookout for emerging opportunities, especially those that involve Internet skills. With the cost of education soaring, we asked our experts to focus primarily on careers you can get started in without a four-year degree. Based upon salary and career growth, here’s our list of best jobs for the future.

1. Physician’s assistant – The economy may be down, but people still get sick and need to go to the doctor. As the population continues to age, healthcare fields will continue to see strong growth, says Ryan. Health care is one of the top growing job fields. Physician’s assistants usually take a two-year course and need to pass a certification exam. Then, they assist doctors in hospitals and clinics or in rural areas they may provide care if a doctor isn’t always available. 27% projected growth. Median annual salary: $88,575

2. Database administrator – One thing’s for sure in this uncertain economy – companies continue to pile up data and need experts to make sure it’s properly organized and securely stored. Computer security is another one of the top growing job fields. Some database administrators get started with just a two-year degree – and if you enjoy computer programming, this is one of the best-paid areas in computer tech. 28.6% projected growth. Median annual salary: $73,388

3. Video game designer – The gaming field is exploding, notes Ryan. There are hugely successful, massive, multiplayer online role-playing games, casual games to play on computers, PDAs and cell phones, as well as games for Xbox, Nintendo and other proprietary game systems. If you’re a game nut, consider learning how to create games to cash in on this trend as the gaming industry tend to offer jobs that are fun and pay good money.

“These skills are often self-taught,” she notes. “And programming jobs pay extremely well, for anything where you know how to write code.” 35% projected growth. Median annual salary: $66,664

4. Medical equipment repair – As medical equipment uses more complex technology, there are more parts that can malfunction – and more need for repair technicians. You may need a two-year degree, but the BLS reports most training is on the job. 9.4% projected growth. Median annual salary: $62,115

5. Media planner/buyer – Though the official BLS data doesn’t show explosive growth here, the Internet is causing rapid change in this industry that probably isn’t figured into federal forecasts yet, says job-trends expert Debra Yergen, author of Creating Job Security: The 2009 All-In-One Workbook. While the traditional advertising industry may be shrinking right now, online skills are in demand, she says. Many online-media pros are learning on the job.

“This is an emerging area where talent is going to be rewarded,” Yergen says. 11.7% projected growth. Median annual salary: $47,149

Full story here: PayScale.com