The Labor Department is reporting that, on average, there are about 6.3 unemployed workers competing for each new job opening. That’s the highest rate since the department began tracking job openings nine years ago. The figure is way up from only 1.7 workers when the recession “officially” began in December 2007.
The highest point of competition after the 2001 recession was 2.8 workers per opening in July 2003.
Businesses have cut a net total of 7.2 million jobs during the downturn. While layoffs are slowing, unemployment is climbing past 10 percent, and the new report shows that any sort of robust hiring has yet to begin.
Those looking for a job already know that the competition is tough out there – now it’s been quantified. In fact, the employment crisis is expected to worsen as companies remain reluctant to hire with the economy on a teeter-totter. Despite reports that the country’s economic outlook is getting better, most experts predict a jobless recovery until more effort is put into job creation.
Filed under: Business, News, Uncategorized Tagged: | employment competition, job competition, job creation, job hunting, job openings, jobless recovery, Labor Department report, unemployment rate
