U.S. Department of Labor Report Forecasts Job Growth For the Economy

Online, May 20, 2010 (Newswire.com) - Spending money and stretching an already tight budget in order to get a new job is hard, and some job-seekers are turning to unsecured loans in order to finance their own version of the economic recovery. With many banks restricting lending or tightening their lending practices, non-traditional lenders such as private lenders and loan brokers are making substantial inroads into the market for unsecured loans.

Although recent good news about jobs could mean better prospects for those who are seeking new positions, many of the new positions will require applicants and new hires to come up with 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 unsecured loans.

No doubt, there is good news for job seekers. The economy gained 162,000 jobs in the month of March, and this is the third such increase in jobs over the past five months, which seems to indicate that the labor market has begun to improve, 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.

President Obama said 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 said he remained optimistic that, despite the damage done to the labor market during the recession, the economy is poised to start adding the jobs people need.

Unemployed U.S. workers hope that he is right. While unsecured 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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