Economic Policy Institute: More people seeking fewer jobs
Here's why it's getting harder and taking longer to find a job. According to a just-released analysis by the Economic Policy Institute, there are more and more job seekers per given job opening. Look at the graph. Note the dramatic and consistent upswing in "job seekers per job opening" since the recession started in December 2007.
Says EPI analyst Heidi Shierholz: The large increase in unemployed workers in May swamped the small gain in job openings, so the ratio of job seekers to job openings continued to climb sharply. And it will get worse yet, she suggests:
Given last Friday’s announcement that the unemployed population increased in June by 218,000, along with the backsliding from May to June in the payroll survey, the ratio of job seekers to job opening most likely rose to more than 6 to 1 in June.
Unemployed workers are currently facing record high rates of long-term unemployment. In June, says EPI, 29 percent of the unemployed had been unemployed for more than six months.
-- Robert Trigaux, Times Business Columnist