Are We Hiring Yet?

DESCRIPTION

The number of unemployed workers per job opening peaked at the end of 2009 at 6.1% -- the highest level ever recorded. Even after three months of job growth, that number is still near its historic high.

Here's more background on the hiring situation: the unemployment rate tells us what percent of the labor force does not have a job. It does not tell us whether Americans are unemployed because they just lost their job (indicated by a high job separation rate), or because they have been out of job for an extended period of time (indicated by a low job finding rate). This graph, from the Cleveland Fed, does:

http://www.clevelandfed.org/research/commentary/2010/2010-1-3.gif

More than 95 percent of the change in the unemployment rate since the beginning of the recession is due, not to job separation, but record-low job finding, the Cleveland Fed reported. Job growth will continue to pick up in the next few months, but today's economy still counts as a hiring crisis.



Presented by

Derek Thompson is a senior editor at The Atlantic, where he writes about economics, labor markets, and the entertainment business.

Google Street View, Transformed Into a Tiny Planet

A 360-degree tour of our world, made entirely from Google's panoramas

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register.

blog comments powered by Disqus

Video

Google Street View, Transformed Into a Tiny Planet

A 360-degree tour of our world, made entirely from Google's panoramas

Video

The 86-Year-Old Farmer Who Won't Quit

A filmmaker returns to his hometown to profile the patriarch of a family farm

Video

Riding Unicycles in a Cave

"If you fall down and break your leg, there's no way out."

Video

Carrot: A Pitch-Perfect Satire of Tech

"It's not just a vegetable. It's what a vegetable should be."

Video

The Benefits of Living Alone on a Mountain

"You really have to love solitary time by yourself."

More in Business

Just In