TIME Careers & Workplace

47% of Unemployed Americans Have Just Stopped Looking for Work

Job Fair Held At Sun Life Stadium In Miami
People looking for work stand in line to apply for a job during a job fair at the Miami Dolphins Sun Life stadium on May 2, 2013 in Miami, Florida. Joe Raedle—Getty Images

New survey finds the unemployed are losing hope

Nearly half of unemployed Americans have “completely given up” looking for a job, a new survey has found.

Pollsters for job staffing company Express Employment Professionals asked 1,500 unemployed American adults how they were faring in their job hunts. A startling number were, in a word, fed up.

Hopeless
Source: Express Employment Professionals

83% expressed a willingness to accept a job that would pay less than their previous position, and 45% blamed the economy for producing what feels to them like a jobless recovery.

“After searching for four years and being unsuccessful, I am tired of trying,” one respondent said, according to the surveyors.

Despite the troubling numbers, 91% agreed with the statement “I’m hopeful that I will find a job I really want in the next six months,” indicating that they still held out hope that they could land a job, even if the search felt beyond their control.

MONEY

More Money Friday Roundup: Government Jobs & Recess for Adults

Personal finance from around the Web:

  • Unemployed? Consider working for Uncle Sam. The federal government will add more than 190,000 jobs to its payroll over the next few years. [Wise Bread]
  • A trip to the slums of India taught a rich, privileged New York teen how to change her spoiled ways. Read her account of the trip as well as her mother’s version. [New York Post]
  • Adults need playtime, too. A nonprofit CEO claims that companies would be more productive if they provided a “recess” for employees. [The Huffington Post]

Follow MONEY on Twitter at http://twitter.com/money.

MONEY

More Money Friday Roundup: Baby Denied Health Insurance & Endangered Bond Rally

Personal finance from around the Web:

  • The American consumer is apparently more resilient than thought. Spending has been on the rise since the second half of last year, and shoppers will likely keep shelling out through the end of the year. [TheStreet.com]
  • Experts such as fixed-income king Bill Gross think the glory days of bonds may have passed, but investors keep pushing their money into bond funds. [Bloomberg]

Follow MONEY on Twitter at http://twitter.com/money.

MONEY

More Money Friday Roundup: Hospitals vs. Insurers & Bankers vs. New Regulator

Personal finance from around the Web:

  • Members of the American Bankers Association join the legions of lobbyists on Capitol Hill hoping to influence new financial regulations. Bankers are against the creation of a consumer financial protection regulator and want to remain exempt from state consumer laws. [The Washington Post]
  • Once you’ve said, “I do,” it’s time to split up the personal finance chores. Here are some tips for newlyweds on how to get your financial house in order. [Morningstar]

Follow MONEY on Twitter at http://twitter.com/money.

MONEY

Where Rent Is Cheap and Jobs (Sort of) Plentiful

For most people, housing costs are the biggest monthly expense–and a particular drag when you’re unemployed. So where can you live in America for cheap today?

According to Reis Inc., which tracks the rental market, the lowest average rent for an apartment can be found in these five cities:

  1. Wichita, KS – $516
  2. Oklahoma City – $543
  3. Tulsa, OK – $577
  4. Knoxville, TN – $587
  5. Chattanooga, TN – $619

What’s more, each city has an unemployment rate lower than the current national average of 10.0%. (An updated jobs report from the BLS is due out this Friday.)

…Not that you’re guaranteed to find a job in any of these places. As Oklahoma City University finance professor Keith Hazelton points out in his blog, unemployment in the wind-swept state is likely to rise if the U.S. economy doesn’t kick into high gear by the end of the year.

But whereas Hazelton thinks the jobless rate could top 11% nationally in late 2010, he argues that, in Oklahoma, the number is likely to hover near 7% (up from 6.6% today). He writes:

“Oklahoma did not participate in the nation’s housing bubble nor much of the commercial real estate bubble now in the process of popping…Oklahoma and other energy states went through their own mini-depression from 1982-1992 as collapsing energy prices brought down banks, retail, home values, etc. The banks and businesses that survived emerged far more cautious about leverage and credit quality, having witnessed first-hand the ill effects of a debt-deleveraging, deflationary episode, in which many parts of the nation now find themselves immersed…”

Wait…the state’s “mini” depression lasted from 1982 to 1992? Does that mean it will take a decade (or more!) for the U.S. economy to recover from its “great” recession?

Pack your bags. Oklahoma, here we come!

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