Spring Break
Unemployment rises, experts not worried
Jon Vanderlaan
Issue date: 11/10/08 Section: News
Despite a rise in the national unemployment rate to 6.5 percent, Lubbock officials remain optimistic the trend will not affect the area.
The unemployment rate, which was released Friday by the U.S. Bureau of Labor Statistics, rose from 6.1 percent in September to 6.5 percent in October, and was the highest unemployment rate in 14 years.
Gary Lawrence, CEO of the Lubbock Economic Development Alliance, said he thinks the Lubbock unemployment rate will remain well below the national average for at least several months.
While the unemployment rate will rise in Lubbock with the national trend, he said, Lubbock's stable industries are what keep workers employed.
Texas Tech, Lubbock Christian University, Wayland Baptist University, South Plains College, University Medical Center, Tech Health Sciences Center and Covenant Health System are just some of the institutions Lawrence said could keep workers employed because they are not as affected by difficult economic times as other industries.
On the other side of the spectrum, he said, Lubbock does not have the type of manufacture economy of some states that often "boom or bust." This is one reason Lubbock does not "bust" in the worse economic times, but also does not "boom" when the economy is strong.
Because no "bust" is likely for Lubbock, Lawrence said, he believes people do not want or need the "boom or bust" type of economy, and would rather have an economy that always remains relatively stable.
Lubbock is in a good position to "weather the storm," he said, and never will be near the national rate.
State and local statistics will not be released until the third week of November.
Ann Hatchitt, a spokeswoman for the Texas Workforce Commission, said while the commission does not predict economic statistics, she has seen Texas remain resilient to national trends.
The Texas unemployment rate in September, 5.2 percent, was higher than one year ago, she said, but still much less than the national average.
Hatchitt said while the unemployment rates are rising in Texas and Lubbock, the state should take a positive outlook because rates are lower than the national average and not increasing much.
Dave Kraus, director of University Career Services, said students should be aware that current unemployment rates do not reflect what rates will be several months down the road.
Students should not become so concerned with unemployment that they give up on a job search, he said, and should become more proactive in marketing themselves to potential employers.
Spring graduates could see fewer opportunities for jobs, Kraus said, and it may be more difficult and take more time to find a job.
For those graduating in May and later, he said, they should begin trying earlier and harder to find a job, using all the available resources on campus such as the Career Center they already have paid for through student fees.
The unemployment rate, which was released Friday by the U.S. Bureau of Labor Statistics, rose from 6.1 percent in September to 6.5 percent in October, and was the highest unemployment rate in 14 years.
Gary Lawrence, CEO of the Lubbock Economic Development Alliance, said he thinks the Lubbock unemployment rate will remain well below the national average for at least several months.
While the unemployment rate will rise in Lubbock with the national trend, he said, Lubbock's stable industries are what keep workers employed.
Texas Tech, Lubbock Christian University, Wayland Baptist University, South Plains College, University Medical Center, Tech Health Sciences Center and Covenant Health System are just some of the institutions Lawrence said could keep workers employed because they are not as affected by difficult economic times as other industries.
On the other side of the spectrum, he said, Lubbock does not have the type of manufacture economy of some states that often "boom or bust." This is one reason Lubbock does not "bust" in the worse economic times, but also does not "boom" when the economy is strong.
Because no "bust" is likely for Lubbock, Lawrence said, he believes people do not want or need the "boom or bust" type of economy, and would rather have an economy that always remains relatively stable.
Lubbock is in a good position to "weather the storm," he said, and never will be near the national rate.
State and local statistics will not be released until the third week of November.
Ann Hatchitt, a spokeswoman for the Texas Workforce Commission, said while the commission does not predict economic statistics, she has seen Texas remain resilient to national trends.
The Texas unemployment rate in September, 5.2 percent, was higher than one year ago, she said, but still much less than the national average.
Hatchitt said while the unemployment rates are rising in Texas and Lubbock, the state should take a positive outlook because rates are lower than the national average and not increasing much.
Dave Kraus, director of University Career Services, said students should be aware that current unemployment rates do not reflect what rates will be several months down the road.
Students should not become so concerned with unemployment that they give up on a job search, he said, and should become more proactive in marketing themselves to potential employers.
Spring graduates could see fewer opportunities for jobs, Kraus said, and it may be more difficult and take more time to find a job.
For those graduating in May and later, he said, they should begin trying earlier and harder to find a job, using all the available resources on campus such as the Career Center they already have paid for through student fees.
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