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Financial 411: Jobs, Jobs, Jobs

Thursday, May 19, 2011

The unemployment rate in New York dropped last month, as private employers continue to hire more people. In the city, it's now 8.6 percent.

Even though the jobs numbers tell us more people are finding work, not all job-seekers are being treated equally in our economic recovery. Men – who lost the majority of jobs during the recession – are finding jobs at a faster rate than women. Rana Foroohar, Time magazine’s business editor, said she thinks it's a trend that doesn't have staying power.

"I think that there are larger, global factors that are still going to favor them [women]," she said. "The first and most important thing is that women are going to earn the majority of the world's new income in the next ten years, some $5 trillion."

She added: "If you think about the fact that women are going to be buying most of the stuff out there in the next 10 years, and they already make most of the purchasing decisions, you can bet that the people running companies are going to want to hire women that understand these markets and understand the female consumer."

Foroohar explains her predictions, and talks about her recent article for Time Magazine: "Is This the End of the Mancession?"

Prospects for College Grads

What about college graduates – what are their prospects for collecting their first paychecks, now that they’ve collected their diplomas? The New York Times’ Economix blog co-editor, Catherine Rampell, took a look, and, in her story on the subject, uses words like "humbling" and "bleak."

"Across all majors, about 3/4 of recent grads have jobs," she said. "But only about half of them have a job that actually requires a college degree."

Rampell also talks about some other trends, including fewer available jobs and lower salaries.

Markets

Investor optimism over initial public offerings following LinkedIn's strong showing Wednesday on its first day of trading, helped boost the market on Thursday.

The Dow rose 45 points, to 12,605. The S&P 500 added three points, to 1,344. The Nasdaq ticked up eight points, to 2,823.

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