Reports indicate that nearly one in four Americans lost their jobs in the wake of stay-at-home orders, leading the federal government to pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act. That act added $600 extra in weekly supplemental unemployment benefits in addition to base benefits. Those benefits provide a cushion for struggling Americans and are leading many people to put off looking for a new job. But is this the right approach? Should you be starting your job search now?

Expanded Unemployment Is Temporary

The supplemental $600 per week provided by the CARES act means many people are collecting more in unemployment benefits than they made on the job. However, that $600 is set to expire July 31, and benefits will return to normal allowances.

When it runs out, there will be a rush for people starting to look for jobs. The Economic Policy Institute predicts a nationwide unemployment rate of 15.6% in July 2020. If that doesn't seem high, consider that the highest unemployment rate during the Great Recession was 10% in October 2009. If you wait to start your job search, you will be competing with potentially millions of other candidates.

Companies ARE Hiring Right Now

It's incorrect to think every employer is on a hiring freeze right now. Many industries are booming and they are hiring. Additionally, as businesses begin to reopen, they will have gaps to fill and will need short-term and permanent employees.

The industries least likely to be hiring are food service, hospitality, travel and event planning. If you work in any of those hardest-hit industries, you should start looking for jobs now in other industries, because there is no guarantee you will be able to return to your previous employer.

Timing Matters For Your Job Search

Though the economic crisis created by the pandemic was unique, we can learn from previous down cycles. Timing is everything, and when you start looking makes a big difference in your job search success.

By starting now, you can be somewhat selective in your search. You are not operating from a place of desperation, so you can look for jobs that use your skills and pay well. If you wait too long, your job search will be guided by desperation and you may be forced to take something you don't like, don't want or that doesn't pay enough.

Are You Ready to Start Your Search?

There is certainly no way to predict what will happen to our economy in the next six months -- or even the next few weeks, but experts agree that the employment landscape will be difficult throughout the rest of the year. Going back to work now can help protect you from serious struggles later on.

If you are ready to start looking for a job that will allow you to return to work safely and earn a good paycheck, talk to the recruiters at PrideStaff today.