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A Telling Stat If You're Looking For a Job...

You don't need me to tell you it's hard out there if you're looking for a gig.  But the following stats from the Washington Bureau of the Chicago Tribune are among the most telling I have seen:

"Heidi Shierholz, an economist with the Economic Policy Institute, a Washington think tank funded by organized labor, examined some new government data on job openings and, not surprisingly, found that the ratio of people looking (sic) job openings versus the number of jobs more than doubled from Dec. 2007 to Dec. 2008.

Here's her analysis:

This morning the Bureau of Labor Statistics released the Job Openings and Labor Turnover (JOLTS) data for December of 2008. The data show that there were 2.7 million job openings in December, down 6% from November 2008 and down 32% from the start of the recession in December 2007.

While job openings are becoming more and more scarce, the ranks of the unemployed are growing dramatically - up by 47% in the first year of the recession - such that in December there were 11.1 million unemployed workers.

"This means that there were 4.1 job seekers per available job - more than double the number of job seekers per available job at the beginning of the recession, which stood at 1.9 in December 2007," said EPI economist Heidi Shierholz."


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