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Wednesday, July 8, 2009
Jolt in May, 2.5 million job openings

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.    

Posted by Jane Von Bergen @ 11:49 AM  Permalink | 6 comments
Comments   
Posted 08:07 AM, 07/08/2009
philly10
YEAH, PEOPLE GET LAID OFF FROM $50,000 PER YEAR JOBS...AND CAN NOW APPLY FOR $7 PER HOUR JOBS.
Posted 12:51 PM, 07/08/2009
Jane Von Bergen
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.
Comment removed.
Posted 11:03 PM, 07/08/2009
asmeezy
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!
Posted 08:43 AM, 07/09/2009
ppasq
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.
Posted 09:55 AM, 07/09/2009
theodotius
This statistic is worthless and is not any type of meaningful gauge of economic activity.
6 comments
About Jane M. Von Bergen
Jane M. Von Bergen covers workplace issues, health insurance and organized labor for the Philadelphia Inquirer. A longtime business writer, she is now covering her second recession. Von Bergen began her reporting career in fourth grade and then married into it, falling in love with a photographer she met working while working for her college newspaper. They have two college-age sons, neither of whom is studying journalism.
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