Money Matters

Experts Says The Job Market Is The Best It's Been In Five Years

October 05, 2005

Some experts say this is a good time to find a job. Just how good? NY1’s Paul Messina finds out in this Money Matters Report.

If you're out of work, statistics or experts alone won't make you feel better. But take heart - they say this is the best job market in five years.

“I think it's a good time for everyone,” says Brian Drum, the executive recruiter at Drum Associates. “Our business is primarily in the white-collar area, and this is the busiest time that we’ve had since 2000.”

Drum says it's no longer an employer’s market.

“Now it's much more of an employees market,” he says. “It's just a better time for somebody to be looking for a job and maximizing their compensation potential.”

So if you've been looking, or thinking about looking, now is the time.

According to Richard Bayer of the Five O'Clock Club, an outplacement organization, the fall is an especially good time.

“We at the Five O'Clock Club advocate that people take advantage of the fact that a lot of people stop searching, and so Five O'Clock Clubbers keep going like the Energizer Bunny, you know,” he says. “This is a good time. They have less competition.”

And Bayer says heed that advice right through New Years Day.

“Hiring managers are more accessible during the holiday season because they're not traveling,” he says. “People are getting an idea of their budgets for the next year and whether or not they can hire, so it's a very good thing to go ahead and search during this fall season.”

But what about those looking for work at a State Department of Labor Career Center? They're in the front lines of job searching.

“In my opinion, yes, there's probably some jobs around, but employers are definitely looking for bargain,” says one New Yorker.

“They create jobs but they're jobs that really can't sustain a family,” says another. “Basically they're all either part-time or per diem, but you can't sustain yourself or family on just that one job itself.”

But Bayer says there are in fact certain industries leading the way here in the city.

“Real estate is very strong in New York City right now,” he says. “Wall Street is coming back. Insurance is very strong.”

And the future looks bright as well.

“We think that it's going to stay steady,” says Drum. “I think that the employment market's going to be strong for the next 12 months to possibly 18 months.”

So dust off those resumes, and good luck.

- Paul Messina

For more information:
www.drumassociates.com