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Job JOLTS - There are 3.88 Official Unemployed Per Job Opening in December 2011

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JOLTS stands for Job Openings and Labor Turnover Survey. The December 2011 statistics show there were 3.88 official unemployed people hunting for a job to every position available*. There were 3,376,000 job openings for December 2011, an increase of 8.27%, from the previous month of 3,118,000. This is a marked improvement from last month. While job openings have increased 60% from their June 2009 trough, jobs are still way below the 1.19 person per job opening at the start of the recession. Below is the graph of number of official unemployed, 13.097 million, per job opening for December 2011.

 

jolts u3 12/11

 

The January Employment Report Shows Things Aren't as Rosy as Some Want to Believe

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While the pundits and press gush over this month's employment report, things are still not rosy. The new official unemployed tally is 12,758,000. The average length of unemployment is still very high, 40.1 weeks.

 

average duration unemployment

 

People unemployed for 27 weeks or more is now 42.2% of the total unemployed, or 5,518,000 million. This number has barely budged as a percentage of total unemployed in comparison to pre-recession and historical levels.

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