The competition for a job is stiff. According to data released this month by the U.S. Bureau of Labor Statistics, there were 5.4 job hunters for every advertised opening in April. The Job Openings and Labor Turnover Survey said the April ratio was up from 4.8 in March, and up dramatically from 1.7 in December 2007, when the recession began.
The labor department’s separate employment report for May, which was released recently, indicated that the pace of payroll job cuts has lessened over the last three months. But its companion unemployment report showed that the national jobless rate continued to rise — up to 9.4 percent from 8.9 percent a month earlier.
Together, the three reports show that net new jobs are being created at a very slow pace. Other data shows the hiring rate also remained low, unchanged from March at 3.1 percent with 4,099,000 new hires reported in April. That is down from 3.6 percent, or 4,955,000 new hires, in April of last year.
Publish date: June 23, 2009