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Job market showing signs of life

April 2, 2010 / Staff

We’ve been hearing anecdotal evidence that hiring has been picking up, and today’s job numbers confirm the trend with some good news on the jobs front.

Employment in the U.S. increased in March by the most in three years and the unemployment rate held at 9.7 percent as companies gained confidence the economic recovery will be sustained.
Payrolls rose by 162,000 last month, less than anticipated, figures from the Labor Department in Washington showed today. The March increase included 48,000 temporary workers hired by the government to conduct the 2010 census, as well as job gains in manufacturing and health services.
The government revised January and February payroll figures up by a combined 62,000, putting the March gain at 224,000 after including the updated data. Caterpillar Inc. is among companies adding staff, indicating the recovery that began in the second half of 2009 is starting to foster the jobs needed to lift consumer spending and sustain the expansion.

Let’s see if this can be sustained. Much of the stimulus money is still in the pipeline, so we can expect more hiring resulting from those federal dollars and they work their way through the economy. Also, manufacturing seems to be picking up, so that could also have a very positive effect.

Your Career

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Land an internship to start a career in sports

April 1, 2010 / Staff

Many people love sports, and many also would love a career in sports. Of course, few have the physical skills plus necessary dedication to become a pro athlete, but a career in sports business or as a sports agent appeals to many people.

Jack Bechta is a respected sports agent and he’s written an article about how you can use an internship to start a possible career in sports. It’s not easy, however, as these internships are in high demand.

If you want to work in sports, the best way to start is by landing an internship. It’s a productive path: Six interns who worked for me went on to careers in sports.
The problem is that there are too many people chasing too few internships, so it’s tough to get your foot in the door. Like many agents, I get several unsolicited inquiries per week about the possibility of interning at JB Sports. NFL teams, and other pro sports teams, receive hundreds per month. However, I only use about two interns per year, and they’re usually selected a year in advance.

Bechta goes on to suggest seven tips to help you land that internship. Check out the entire article and you may be on your way to a lucrative and fun career in sports.

Your Career

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Student loan reform signed into law

March 30, 2010 / Staff

President Obama has signed into law the student loan reform that was attached to the health care bill. It’s a huge triumph against bank lobbyists and a significant victory for students who have been victimized by aggressive loan techniques used by the banks that are similar to the tactics they used for credit cards. Millions of young Americans are saddled with debt with onerous interest rates and penalties.

The new law is also a victory for taxpayers who no longer have to subsidize bankers preying on students.

The new law will eliminate fees paid to private banks to act as intermediaries in providing loans to college students and use much of the nearly $68 billion in savings over 11 years to expand Pell Grants and make it easier for students to repay outstanding loans after graduating. The law also invests $2 billion in community colleges over the next four years to provide education and career training programs to workers eligible for Trade Adjustment aid.
The law will increase Pell Grant grants along with inflation in the next few years, which should raise the maximum grant to $5,975 from $5,550 by 2017, according to the White House, and it will also provide 820,000 more grants by 2011. Including money from last year’s stimulus program and regular budget increases, the White House said Mr. Obama has now doubled spending on Pell Grants.
Students who borrow money starting in July 2014 will be allowed to cap their repayments at 10 percent of their income above basic living requirements, instead of 15 percent. Moreover, if they keep up their payments, they will have any remaining debt forgiven after 20 years instead of 25 years – or after 10 years if they are in public service, such as teaching, nursing or serving in the military.
Mr. Obama portrayed the overhaul of the student loan program as a triumph over an “army of lobbyists,” singling out Sally Mae, which he said spent $3 million to stop the changes. “For almost two decades, we’ve been trying to fix a sweetheart deal in federal law that essentially gave billions of dollars to banks,” he said. He said the money “was spent padding student lenders’ pockets.”

Hopefully this will enable more Americans to chase the American Dream.

Your Career, Your Education

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Learning to be an entrepreneur

March 28, 2010 / Staff

Is the life of an entrepreneur for everyone? Probably not, as it can be rather demanding and it’s hard to imagine living that life unless you have a passion for business or for the service or product you choose.

The next question involves whether you can learn to be an entrepreneur. Some people may want to do it, but they really aren’t prepared to make a successful go of it.

Your Business, Your Career, Your Team

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Tough time for jobs in California

March 27, 2010 / Staff

Forbes has several articles asking tough questions about the job market in California. The sad truth is that California is losing jobs to other states and other countries, as the high tax burden and cost of living makes it difficult for employers to commit to the state.

Now, you have to take into account the agenda at Forbes. While the business magazine is excellent, the ideological bent is very clear. The publication favors free markets and loathes taxes. While you would expect that from most business writers and publications, Forbes sometimes takes that to an extreme.

That said, they often make compelling arguments when presenting cases where business development is hindered by taxes and regulation, and California has become the poster-child for many of these problems.

In one provocative article, a Forbes writer argues that California is becoming more like France.

A friend of mine who is a successful venture capitalist shared a depressing observation over dinner recently: “California is like France,” he said. “I try not to hire here, and I certainly would not launch a company here. But the wine is good.”
*******
Listen up Sacramento, your tax base is moving elsewhere.
“California has competition,” says Mehta. This is starting to show. A report recently released by the Bureau of Labor Statistics shows Silicon Valley lagging. Tech employment fell nearly 17% between 2001 and 2008, while nationally those types of jobs grew 4%. Silicon Valley’s 11.8% unemployment level is higher than the nation’s.
“It’s a combination of taxes and talent,” says Mehta. “Taxes and expenses here are high, and we can get the talent or move it elsewhere. This wasn’t the case 10 years ago.”

Another article details how employers like McAfee are moving employees outside the state.

The dysfunctional nature of California politics is now catching up to the state. Meanwhile, other states are seizing the opportunity with incentives and other aggressive tactics to brings in jobs. Will California wake up?

Your Business, Your Compensation

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