Gov't data: Every open job has four seeking employment

BY FRANCINE KNOWLESfknowles@suntimes.com

For each job opening in November, there were nearly four job-seekers, according to government data highlighting the impact of the recession.

An analysis of U.S. Bureau of Labor Statistics data by the Economic Policy Institute found there were 3.8 job-seekers nationally for every one job, up from 3.4 per job in October and from 1.8 per job a year earlier

"Seeing nearly four unemployed workers for every opening is a sobering indicator of how difficult it is to find a job in today's weak market," said EPI economist Heidi Shierholz. "With so few job openings, it is easy to understand why nearly a quarter of unemployed workers have been out of a job for over six months."

The unemployment rate was 6.8 percent in November and jumped to 7.2 percent in December, the Labor Department reported Friday.

Record low for 30-year fixed mortgage drops in at 4.96%

Long-term mortgage rates fell for the 11th straight week, setting a record, mortgage giant Freddie Mac said Thursday.

The average 30-year fixed mortgage rate dipped to 4.96 percent, down from 5.01 percent a week earlier. The rate hasn't been lower since Freddie Mac started its market survey in 1971.

The average 15-year fixed-rate mortgage edged up to 4.65 from 4.62 percent. Five-year adjustable-rate mortgages fell to an average of 5.25 percent from 5.49 percent, and one-year ARMs slid to 4.89 percent from 4.95 percent.

U.S. belt-tightening tightens: Put it on sale or we won't buy it

More shoppers are buying items that are on sale only, a survey by America's Research Group and UBS AG found.

Twenty-nine percent of respondents said they are buying only the essentials and on-sale items, up from 18 percent a year ago.

The survey also found 33 percent said they are pressured by debt and credit card bills, up from 24 percent.

Consumers "are in deep hibernation and there is no sign that they will wake up this spring or that the retail outlook will pick up any time soon," said America's Research Group Chief Executive Officer and Founder C. Britt Beemer.