Sunday, October 31, 2010

Housing woes hit job seekers where it hurts

CNN reported that the third quarter showed a record low percentage of managers and executives moving to take up new jobs, at just 6.9%. This is not due to a lack of labor demand for these types of workers but rather because employers have become less willing to help compensate for moving costs, and with the current housing markets it’s almost a certain that anyone selling their house will suffer a significant monetary loss. Also the internet has made it increasingly possible for people to work out of their homes, minimizing the need to relocate for jobs out of town. The internet is likely one of the leading causes of a movement away from executives relocating in general, a trend that has been evident since the early 90s.

There have been small gains for the job market, with many metropolitan areas reporting a drop in unemployment and 500,000+ jobs created in just 27 states alone. Hopefully this trend in large cities continues and extends into more rural areas.

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