Posted on 09/27/2009 6:10:30 AM PDT by Son House
Job seekers now outnumber openings six to one, the worst ratio since the government began tracking open positions in 2000.
And even though the pace of layoffs is slowing, many companies remain anxious about growth prospects in the months ahead, making them reluctant to add to their payrolls.
Thomas A. Kochan, a labor economist at M.I.T.’s Sloan School of Management. “There’s not going to be an upsurge in job openings for quite a while, not until employers feel confident the economy is really growing.”
The dearth of jobs reflects the caution of many American businesses when no one knows what will emerge to propel the economy. With unemployment at 9.7 percent nationwide, the shortage of paychecks is both a cause and an effect of weak hiring.
During the last recession, in 2001, the number of jobless people reached little more than double the number of full-time job openings, according to the Labor Department data. By the beginning of this year, job seekers outnumbered jobs four-to-one, with the ratio growing ever more lopsided in recent months.
Though layoffs have been both severe and prominent, the greatest source of distress is a predilection against hiring by many American businesses.
Shrinking job opportunities have assailed virtually every industry this year. Since the end of 2008, job openings have diminished 47 percent in manufacturing, 37 percent in construction and 22 percent in retail. Even in education and health services — faster-growing areas in which many unemployed people have trained for new careers — job openings have dropped 21 percent this year.
Despite the passage of a stimulus spending package aimed at shoring up state and local coffers, government job openings have diminished 17 percent this year.
(Excerpt) Read more at nytimes.com ...
CREATED OR SAVED! CREATED OR SAVED!
Only if they pass legislation requiring that companies hire people. That pesky free market concept keeps getting in the way.
Lies! All lies! Hussein told us, before he took it back, that he’d fixed it and the economy was fine. He also told us unemployment was down so no worries.
‘The layoffs are killing everybody’
http://www.jacksonsun.com/article/20090927/NEWS01/909270309
Until last week, Henderson County, where the Scotts live, had the highest unemployment rate each month this year among 13 West Tennessee counties. The state released August unemployment rates Thursday that show Haywood County took the lead with an unemployment rate of 18.3 percent. That ranks 91st among 95 Tennessee counties.
Henderson County ranks 90th with an unemployment rate of 17.5 percent, and Carroll County is 87th at 16.2 percent.
Madison County fares better than many with an unemployment rate of 11 percent.
The unemployment rate is 10.8 percent in Tennessee and 9.7 percent nationally.
State Rep. Meadows: Job losses staggering
http://www.lansingstatejournal.com/article/20090927/ELANSING01/909270313/1002/NEWS01
“Much of our economic success in the state of Michigan relates to the fact we were the primary manufacturer of automobiles,” Meadows said.
Yup, 9% without, or 8% if it passed.
America is going to grow real tired of BHOle real quick when the unemployment runs out.
All he has for economic advisers is a bunch of academics who have never in their life created a single job; including in the last 9 months.
A comprehensive article concerning unemployment:
http://seekingalpha.com/article/163553-welcome-to-the-new-normal?source=email
In a nutshell, author predicts it to stay high for a while. Employers will add work hours to present employees (whose hours have been cut) first before hiring new people.
Unemployed aren’t buying because they don’t have the funds. The ones with jobs aren’t buying because they don’t know whether they will still have a job from one month to the next.
When demand does ramp up production increases will occur in low cost (low wage) countries.
Onada’s advisors are ideologically constrained academics. Marxism always was an unrealistic premise. Has never worked whereever it’s been tried.
BUSH'S FAULT!
And with soaring inflation just around the corner people are taking pay cuts just to keep their jobs.
Just out of curiosity, how does the Obama administration reconcile this high unemployment with the argument that illegals are doing the jobs Americans won’t do? Since he is considering amnesty so the illegals can get free health care he must still believe that line.
Maybe they can just pass Directive 10-289 from “Atlas Shrugged”.
Windmills, electric cars, and solar panels of course. lol
Things have changed now. This is now a world of euphoria, endless rainbows, and flying skittle shitting unicorns!
Not only that, many of us have taken wage cuts, have had taxes increased by local governments, and have to pay more for food, fuel, etc. Meaning we will be spending even less in the months to come.
Add to that, the lower business profits, much lower income tax revenues going in to the government, these geniuses will have to raise taxes even more to feed their addiction to their socialist programs.
I expect more factories and business to either close or move out of this country. They can hide the true figures on unemployment for a while, but it will be like sweeping dirt under a rug. Sooner or later that mound of dirt will outgrow the size of the rug.
Our son’s getting out of grad school in December. He’s already been offered a job, probably not quite at the salary he would like, but his dad and I both told him, he could/should negotiate, but ultimately, accept their offer, especially in this job environment. If you get a better one down the road, fine, but there’s no guarantee you’re going to get a better one...we have too many friends out of work and realize any job is better than no job.
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