Report: Three times more job seekers than jobs
There were three times as many people seeking work in October than jobs available, according to a report released Wednesday by Economic Policy Institute, a nonpartisan think tank in Washington, D.C.
There were 3.1 million job openings in the nation in October, data from the Bureau of Labor Statistics show. That’s down almost 25 percent from the start of the recession in December 2007.
While that’s bad, the rapid decline in job openings has been accompanied by a sharp increase in unemployment, EPI reports.
The number of job seekers per opening has surged to 3.3 in October, from 1.9 in December 2007
“The rapid increase in this ratio clearly indicates the weakness of the current labor market and the difficulty that workers are having finding jobs,” EPI analyst Tobin Marcus writes in the institute’s monthly report.
The ratio will likely worsen for the foreseeable future, given that November unemployment increased by another 250,000 jobs, the report concludes.
Labels: Job Market, unemployment
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