Taking Advantage Of Job Growth May Not Be Easy

Online, April 29, 2010 (Newswire.com) - The U.S. economy gained more jobs in March than any other month in the last three years, according to a Department of Labor report released this past Friday. The economy gained 162,000 jobs in the month. In addition to the March gains, the report revised the January and February jobs growth reports upward - adding a combined 62,000 additional jobs. This is the third such increase in jobs over the past five months, and seems to indicate that the labor market has begun to stabilize, although the overall unemployment rate remained stubbornly high at an average of 9.7% nationwide. It is widely forecast that over one-million small businesses are expected to add new positions in coming months - taking advantage of a newly established $5,000 tax credit.

Although good economic news on the labor front could mean better prospects for those who are seeking new positions, many of the new positions will require an outlay of cash - in the form of relocation costs, airfare or travel expenses for interviews and meetings and costs associated with printing and mailing resumes. Many companies have scaled back programs that reimbursed new hires for such expenses, forcing applicants to finance their own expenses by using savings or obtaining personal loans.

Since in many cases, spending money and stretching already tight budgets in order to achieve employment is a difficult proposition, some job-seekers are turning to personal loans in order to finance their own version of the economic recovery.

President Obama, speaking in Charlotte, N.C., said that the jobs report was yet another sign that the economy is improving and that the economic stimulus legislation passed a year ago was having a positive effect. "Government can't reverse the toll of this recession overnight, and government on its own can't replace the 8 million jobs that have been lost," he said. "The true engine of job growth in this country has always been the private sector. What government can do is create the conditions...for companies to hire again." Obama added that Americans are still suffering from the job losses of the last two years, was optimistic that, despite the damage done to the labor market during the recession, the economy is poised to start adding the jobs people need. He asserted that " ... the worst of the storm is over; that brighter days are still ahead."

Cash-strapped U.S. workers hope that he is right. While personal loans may be a useful short-term fix to help applicants survive the job-hunt and emerge with new positions, ultimately the unemployed are dependent on an economy that has stagnated over the past few years.

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