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NC State Economist Dr. Mike Walden – “Chances of Getting a Job”

11-23-15 run time 2:21

Mary:  I’m Mary Walden, with economist MW, welcoming you to the economic perspective. Today’s program looks at chances of getting a job.  Mike, the job market has improved since the dismal days of the recession.   However, statistics show there are still many people wanting a job who don’t have one.  Is there any factor or measure that seems to be related to the likelihood of an unemployed person landing a job?

Mike:  Summary Answer

  1. A big factor is how long the person has been unemployed
  2. Longer the period of unemployment, less the chances of getting work
  3. For example, for persons jobless for less than 5 years, probably of finding a job in a month is today 35%, up from 30% during the recession and not much lower than 37% before the recession
  4. Conversely, chance of an unemployed person out of work for over a year of getting a job next month is only 10%, only a little more than the 8% chance during the recession
  5. Likely reason for the difference – skill levels – those jobless for a long time likely are lacking current skills
  6. I’m MW

Mary:  And I’m Mary Walden for the North Carolina Cooperative Extension Service