CEO A. Harrison Barnes of Hound says although current trends point to some structural changes in the labor market, there are still several jobs everywhere.

Pasadena, CA -- (SBWire) -- 12/01/2010 -- Some Federal Reserve officials have predicted that the jobless rate is going to be high for the next few years.

This pessimistic scenario comes even after the Commerce Department reported that the third-quarter growth rate was 2.5%, up from the earlier prediction of 2%. But the Federal Reserve thinks that the unemployment rate is going to stay above 9% for the considerable future. The reason behind this scenario unfolding is that several workers are going to struggle with learning new skills and moving into new careers. This could result in a long-term high jobless rate that will be more difficult to tackle.

The unemployment rate as of October is 9.6%.

The Fed’s predictions were released to the media as part of the November meeting’s minutes. Several economists have said that the unemployment rate will be hard to bring down. Corporate profits have jumped 28% in this third-quarter compared to last year, to a total of $1.66 trillion. Companies are using these profits to invest in equipment and software but have generally been reluctant to hire more employees.

CEO A. Harrison Barnes of Hound says although current trends point to some structural changes in the labor market, there are still several jobs everywhere. “It’s true that white collar jobs are being outsourced, but thousands of well paying office jobs are available if you know where to look.” Barnes’ job search engine, Hound, has been able to find 688,000 jobs.