Here's the latest disturbing statistic about unemployment, courtesy of yesterday's report from the U.S. Department of Labor and the Economic Policy Institute. In May, there were 5.7 unemployed workers for every one of the 2,554,000 jobs openings in the economy. Wow. (Click here to read the EPI's analysis.)
This news comes from the Labor Department report known as the JOLT report, (Job Openings and Labor Turnover). In May, as I said, there were 2,554,000 million job openings, up from 2,513,000 in April. But just to give you an idea of how far things have declined, there were 4 million job openings in May, 2008. For there to be a job opening, the company has to be actively recruiting -- bringing laid off people back doesn't count, nor do internal transfers and promotions. The job has to be ready to roll within 30 days.
The number of hires is also down from 4,117,000 in April to 3,980,000 in May. Hires include people brought back from layoff and seasonal workers. A third major statistic is separations. Here is where we see a glimmering of good news. Separations are declining. In May, there were 4,359,000 separations (which includes people who quit, people who were laid off, people who retired and people who died -- that's my favorite, hard to work when you are dead). Layoffs and discharges made up 53 percent of the separations. In August 2006, only one in three separations was due to a layoff.
In the 12 months ending in May, there were 52.9 million hires and 57.8 million separations, a net employment loss of 4.9 million. In almost every sector, separations exceeded hires. The exceptions? Education and health services, accommodation and food services, and state and local government.
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I agree. The statistics about this are truly frightening. I find myself very discouraged/angry as I write about this, knowing that I would be even more discouraged if I didn't have a job.— Jane Von Bergen- Comment removed.
- Whoa, who knew Rush Limbaugh reads Philly.com? I think these statistics are pretty frightening especially for new grads. So out of every 2.5 million jobs there a 5.7 people unemployed for every one job! Thats just the averages overall. Im sure a deeper dive into individual industries especially highly skilled industries (healthcare, engineering, technology, buisness, etc. will show a much more competetive landscape!— asmeezy
- These figures, even though they are the average, are going to get worse before they get better as now, even the Obama Administration is waking up to the fact that 10 percent and greater unemployment will occur on their watch - a full two percentage points higher than their own worst-case scenarios. These neophytes need to something more than just pass more debt that is choking investment, or blame the Bush Administration. A temporary tax holiday would create jobs more quickly, and would actually create jobs, instead of plug state budget holes.— ppasq
This statistic is worthless and is not any type of meaningful gauge of economic activity.
Every day for 60 days, Inquirer staff writer Jane M. Von Bergen profiled someone from the ranks of the region’s unemployed.
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