Yet another ignominious statistic to close out the nation's decade of descent. The United States now has 3.8 job seekers for every job vacancy, the U.S. Labor Department's Bureau of Labor Statistics announced Tuesday.
What's more, the 3.8 job seeker stat in November 2008 is more than double the 1.8 job seekers per job vacancy stat recorded a year ago, in November 2007. The nation had 3.4 job seekers per vacancy in the previous month, October 2008.
Stat echos 1981-82 Reagan recession
Economist David H. Wang said the large increase in the job seeker to vacancy ratio is bad news for the U.S. economy.
"These ratios are reminiscent of the Reagan recession [1981-1082], which was a bad recession, with unemployment rising above 10%," Wang said. "The large and increasing number of unemployed adults unable to find employment will substantially increase social service costs in the states, and lead to a host of other economic problems, including a continuance of a high number of home foreclosures."
What's more, the 3.8 job seeker stat in November 2008 is more than double the 1.8 job seekers per job vacancy stat recorded a year ago, in November 2007. The nation had 3.4 job seekers per vacancy in the previous month, October 2008.
Stat echos 1981-82 Reagan recession
Economist David H. Wang said the large increase in the job seeker to vacancy ratio is bad news for the U.S. economy.
"These ratios are reminiscent of the Reagan recession [1981-1082], which was a bad recession, with unemployment rising above 10%," Wang said. "The large and increasing number of unemployed adults unable to find employment will substantially increase social service costs in the states, and lead to a host of other economic problems, including a continuance of a high number of home foreclosures."
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