Those holding the Ph.D. in physics, just as those holding advanced degrees in many other fields, are graduating out of the academic world and finding themselves jobless when they do so. The decrease in federal funding has been directly responsible for the standstill in net employment in government and national laboratories and in nonfaculty research positions. The recession-inflation must be held accountable for the reduction in growth of physics faculties well below the needs to meet increased enrollment. The 2 factors together are probably responsible for the reduction in industrial employment. Some short-range actions may help to alleviate these unemployment problems: (1) new opportunities must be found for physicists; (2) programs to increase the involvement of the physics community in industry must be stimulated; (3) the physics community should be informed of the present situation as quickly as possible; (4) a placement service should be created to advertise job openings; (5) physics departments should tighten their standards for the Ph.D.; (6) physics departments must reexamine their training programs, especially for careers for which few employment opportunities exist; and (7) those financial inducements should be reduced that channel students into fields of little employment potential. (HS)