The Bureau of Labor Statistics’ new Job Openings and Labor Turnover Survey shows there were 13.2 million more unemployed workers than job openings in October, or 6.3 unemployed job seekers for each available job. This compares to a ratio of 1.7 job seekers per job opening when the recession started in December 2007.
The new data show that although layoffs are moderating, hiring remains extremely depressed. Until there are more job openings, unemployment will continue its upward climb. –Heidi Shierholz