When Steven Weinberg was laid off in September last year, he decided not to fritter away his savings on a job search he assumed would be fruitless.
Instead, he decided to go to law school — a career move he made in large part because so few employers are hiring.
“I realized there are no jobs out there, and I needed to go back to school,” says Weinberg, 32, of Chicago, who was laid off from a firm that helped Japanese companies do business in the USA. “A big part of the reason for this is how hard the job market is.”
A growing number of white-collar workers and other job seekers are so discouraged that they’re giving up. Instead of looking for work, they’re living off severance or buyout packages, moving back in with Mom and Dad or relying on a spouse’s income to get by. They’re gray-haired managers who are going back to school and working mothers who are becoming stay-at-home moms after being laid off.
Some disheartened job seekers are making money on e-Bay, selling their poetry or doing odd jobs for neighbors instead of sending out more resumes.