Why the job market is worse than you think

An unemployment rate of 5% is low by historic standards. But the number of people out of work for long stretches is rising dramatically.

Ahead of Friday's January employment report, there is a lot of concern about the weakening job market, even as the unemployment rate stands at a relatively modest 5%.
The Federal Reserve cited evidence of a "softening in labor markets" when it announced both of its rate cuts this month. Congress is rushing to pass a $150 billion stimulus package that the Bush administration said should add 500,000 jobs to the economy.
The worries about the job market are widely shared on Main Street, Wall Street and inside the beltway.
The Conference Board's latest consumer confidence survey found that twice as many people believed there would be fewer jobs available six months from now than those who expected more jobs.
And a survey conducted for Fortune magazine from earlier this month found that just over one in four Americans are somewhat worried or very worried about losing their job in the next 12 months.
Economists surveyed by Briefing.com are forecasting that the unemployment rate will remain at 5% in Friday's report. However, it's worth a reminder that this is up from just 4.7% in November. And economists expect an addition of 70,000 jobs in the month, only a modest increase.
But the jobs numbers may be even worse than they first appear. That's because the number of Americans who have been out of work for six months or longer is on the rise.

Harder to find a new job - The number of long-term unemployed stood at a seasonally-adjusted 1.3 million in December, up about 22 percent from year-earlier levels. The full-year average for 2007 was 1.2 million long-term unemployed, nearly double the reading for 2000 -- just before the last recession. more...http://money.cnn.com/2008/01/31/news/economy/longterm_unemployment/index.htm?postversion=2008013115

Problem could get worse As the stimulus package makes its way through the Senate, there have been pushes to extend unemployment benefits beyond six months. more...http://money.cnn.com/2008/01/31/news/economy/longterm_unemployment/index.htm?postversion=2008013115

Older work force playing a role The CBO report didn't have any easy answers for this trend. But it suggested that the aging of the work force might be a major contributing factor. more...http://money.cnn.com/2008/01/31/news/economy/longterm_unemployment/index.htm?postversion=2008013115

Employers and workers getting more picky Officials in job outplacement firms, hired by firms to work with employees who have lost their jobs, say they're seeing some increase in the time it takes to find new positions even for those generally better educated workers with whom they work. more...http://money.cnn.com/2008/01/31/news/economy/longterm_unemployment/index.htm?postversion=2008013115

Exclusions from the Federal Labor-Management Relations Program

By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 7103(b)(1) of title 5, United States Code, and in order to exempt certain subdivisions of the Department of Justice from coverage under the Federal Labor-Management Relations Program, it is hereby ordered as follows:

Section 1. Determinations. The subdivisions of the Department of Justice set forth in section 2 of this order are hereby determined to have as a primary function intel-ligence, counterintelligence, investigative, or national security work. It is further determined that chapter 71 of title 5, United States Code, cannot be applied to these subdivisions in a manner consistent with national security requirements and considerations.

Sec. 2. Amendment of Executive Order 12171. Executive Order 12171 of November 19, 1979, as amended, is further amended by adding to the end of section 1-209 the following new subsections:
"(c) United States Attorneys' Offices.
(d) Criminal Division.
(e) INTERPOL -- U.S. National Central Bureau.
(f) National Drug Intelligence Center.
(g) Office of Intelligence Policy and Review."

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Whitman’s cash-out legacy at eBay

Investors will be keeping an eye on eBay (EBAY) when the market opens Thursday. Shares in the online auction site dropped 7 percent in late trading Wednesday after the company posted a round of weak quarterly results and confirmed that CEO Meg Whitman will step aside at the end of March. “Meg’s passion for all things eBay changed the world,” Chairman Pierre Omidyar said in Wednesday’s press release. “With humor, smarts and unflappable determination, Meg took a small, barely known online auction site and helped it become an integral part of our lives.”
Despite Whitman’s many accomplishments, she leaves the company at a time when it’s facing tough challenges from the likes of Google (GOOG). Fortune’s Adam Lashinsky gave incoming chief John Donohue high marks for his candor and for his determination to shake up eBay, and noted that Whitman was noncommital about her plans beyond this year.
Whatever Whitman plans to do, she won’t have to worry about money. Since Halloween she has sold 2.56 million shares under a pre-arranged stock-sale plan, reaping profits of around $40 million. Over that same span eBay shares have lost a quarter of their value, wiping out some $12 billion in value. While no one can doubt Whitman has earned her keep over the years, the recent rush to cash out doesn’t exactly wind up her tenure on a high note.

Help Navigating DOL Laws and Regulations

The U.S. Department of Labor (DOL) is committed to providing its customers — America’s employers, workers, job seekers, and retirees — with clear and easy-to-access information on how to comply with federal employment laws. This information is often referred to as "compliance assistance," which is a cornerstone of the Department’s efforts to protect the wages, health benefits, retirement security, employment rights, safety, and health of America’s workforce.
DOL’s Office of Compliance Assistance Policy...more...http://www.dol.gov/compliance/