Oct job openings statement cheers financial perspective

In October more career opportunities became accessible within the U.S. since the fall of 2008. After an earlier Labor Department report that showed the unemployment rate inching dangerously close to 10 percent, the job openings statement was considered great news. Economists who look at the career opportunities data as an indicator of activity one-to-three months hence say that the career industry could start to significantly improve soon. Source for this article - U.S. job openings trending upward in new Labor Department report by Money Blog Newz.

The Oct job opportunities report

There were 3.4 million job openings reported in October. From Sept, that is a 3 million increase. The Labor Department's Career Openings and Labor Turnover Survey showed the 12 percent month-to-month increase reversed declines in the 2 previous months. The October career opportunities number is very high for a recession. Since August 2008, when the financial industry was close to collapsing, the numbers have not been this high. An increase of 369,000 private sector career opportunities in October was the biggest since 2006. The JOLTS report showed that advertised job openings rose by about 1 million. That means that from the low point, there was a 44 percent increase. In July 2009, which was a month after the recession ended technically, the low point was reached.

Those without careers still giving job openings a lot of applications

Even though job openings increased by about 32 percent from October 2009, there were still 14.8 million individuals unemployed. Getting a job is not easy. There is a lot of competition. The JOLTS statement showed there were 4.4 people going after each Oct job opening. Even so, that number is improving from 4.9 people per career opening reported in Sept and is the best ratio since January 2009. There is a huge hole that needs to be filled from the recession still. Sunday, Federal Reserve Chairman Ben Bernanke was on the Columbia Broadcasting System News program “60 Minutes.” He said the unemployment won’t go back to the “normal” 5 to 6 percent for another five years or so.

Not as much of a bad career market

There might be a remote chance that the job openings statement signals accelerated hiring that could shorten Bernanke's estimate. A three months hiring is what economists use the JOLTS report to predict. There was a really poor job creation statement in Nov which had individuals worried. An economist at Credit Suisse in New York said that the jobs report was just “a bump within the road” last month. It seems like the JOLTS careers statement has shown a bright future ahead. The job sector might finally be emerging from this disaster.


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