In another sign that the labor market is not out of the woods yet, the number of job openings fell again in November, according to a government report released Tuesday.
With 15.3 million people out of work and employers hesitant to hire, job seekers still outnumber openings by more than six to one, the greatest differential since the Labor Department began tracking job openings in December 2000.
Job openings: There were 2.4 million job openings in November, down slightly from 2.5 million in October, and 27% fewer than a year ago, according to the latest Job Openings and Labor Turnover survey from the Bureau of Labor Statistics.
The job openings rate, an indicator that compares the nation's job openings to the number of jobs and openings overall, also fell modestly to 1.8% from 1.9% in the previous month.
Compared to other industries, the number of job openings as a percentage of total employment was greatest in the professional and business services and education and health services industries, according to the report. By comparison, the job openings rate was weakest in manufacturing.
Hiring: Employers are still cautious about adding workers, as the pace of hiring remains near its low since the Labor Department began tracking hiring nearly 10 years ago.
The survey showed that employers across the board hired just over 4 million workers during the month, up just slightly from the month earlier.
Hiring has been strongest in the construction, leisure and hospitality sectors in recent months, which have seen hiring rates of 5.5% and 5.6% respectively, according to the report. By comparison, the government hiring rate was only 1.3% in November.
Still, construction, leisure and hospitality experienced enormous job losses overall last year, while government jobs have largely held steady.
Separations: The number of total separations, or turnover, was little changed in November from the previous month.
The report showed that layoffs in November were down from the month before, and the same period a year ago, but the percentage of workers quitting jobs remained low, indicating that people are still nervous about changing jobs in the current market.
The Job Openings and Labor Turnover survey is based on November data. More recently, the Labor Department's December jobs report dealt another blow to the overall jobs picture, showing that employers slashed an additional 85,000 jobs last month and the unemployment rate stayed at
10%
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I can definitely relate to this. I've been looking for a job for this winter. I would love an on-campus job, but when I did a job search on the Career Development site, there weren't any available. Now I'm nervous about my chances for even getting a job this summer!
ReplyDeleteIn your post, I was especially struck by the part that said that employers were hesitant about hiring still. If I were an employer, I would be hesitant too. Who knows what the economy's going to do and if I would just have to turn around and lay-off the employee I just hired. Hiring someone takes time, energy, and funds that most businesses can't afford to give up right now.
A,E
There is so much flucuation in the job market today. Either you are laid off, unemployed or at risk of losing your job. People no longer stay at a company for 30 years. or more It has literally become impossible especially for young people now entering the work world. We are all on an economic roller coster; never knowing whats going to happen next.
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There is more unemployment because businesses are thinking twice before hiring people due to the bad economy. Unemployed people have less incentive to buy things; they tend to be more spendthrift because they don't have a steady income and may not be able to afford to spend a lot of money. Less demand will cost more for businesses, who will try to cut costs in order to make up for lost revenue. Possibly by not hiring a lot of people. And thus the cycle continues. Hopefully someone will find a solution to this soon; while stimulus from the government does help, we're just adding to the national debt overall.
ReplyDeletesocial issue, about too many job seekers, not enough jobs,it's getting harder and harder to find a job for many graduated students. Especially due to the bad economy, business will hire less person than before. due to the bad economy, the demand will decrease...it is a kind of Vicious circle...
ReplyDeleteThis problem with jobs is quite concerning. My parents have been very fortunate that they have degrees and skill sets that allow them to have secure jobs and find work easily if they were to lose their job or change jobs if they choose to. The problem with graduate students is that in our economy today more and more companies are looking to employ workers with job experience. This is ok for graduating students if they have had internships or job experience during college, but in todays economy students arent able to get that experience in college.
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