This headline captured our attention. Yahoo Finance’s interesting article and accompanying video nicely lays out the situation albeit with the typical economic confusion points, so let me wrap it up in a bow for you:
- US Commerce stated that the economy grew at 5.6% in 4Q 2009.
- Many economist predict 1Q 2010 will see a reduction in the growth
- The Economic Cycle Research Institute states otherwise
- There data supports no new signs of a recession- GNP stabilized
- Overall jobless rate peaked in October 2009, now steady/declining
- Frightening prospects for the displaced or permanently unemployed
(six months or more)
- Overall, general good news for the economy, bad news for the displaced
Now, who are “the displaced”? Mostly individuals sitting in the bubble-bursting front lines of the recession (real estate and like professions) and people working in manufacturing positions. For example, the video quoted a reduction of manufacturing positions that historically has shown once these jobs go away; they tend to stay away for good.
The article closes out with a very interesting point that we want to expand upon. To the truly displaced, the economy is saying that your skills are no longer needed. Beyond this being a gulp moment, it is also one of true opportunity. If one’s current skill set is not resulting in opportunities, it’s time to expand those skills to ones the new economy does want. This means looking at job training, education, certification, volunteering, mentoring (menteeing) etc.– anything that results in an enhancement of currents skills. This will involve risk, perhaps starting a new business, partnering with others and trying something completely out of one’s comfort zone. It may mean relocation to an area that offers better employment opportunities. None of these changes are easy; anything worth doing seldom is. But if this report is indeed correct and the displaced have limited prospects to return to what they did in the past, it’s time to do something different rather than pretend otherwise. It’s time to move to a different place within the new economy.