NoJobSurvivor.com

Nine Jobseekers For Every Job

WASHNGTON 9 March, 2010 There were 2.7 million job openings on the last business day of January 2010, the U.S. Bureau of Labor Statistics reported today. Last Friday's jobs report showed 14.7 million out of work. Thats 5.4 unemployed people for each job. There are another 8.7 million with part time jobs that want fulltime work. Thats nearly 8.7 unemployed people for every open job.

As usual the dry and beaurocratese of the BLS report belies the the real pain and suffering resulting from the worst recession since the great depression of the 30's and totally ignored by the likes of Kyl, Bunning and Delay. 

There were 2.7 million job openings on the last business day of January 2010, the U.S. Bureau of Labor Statistics reported ... The job openings rate rose over the month to 2.1 percent, the highest therate has been since February 2009. The hires rate (3.1 percent) and the separations rate (3.2 percent) were unchanged in January. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector by industry andgeographic region. This release also includes annual estimates forhires and separations.  The annual totals for hires and quits decreased in 2009 while the annual total for layoffs and discharges increased.

Reuters: The International Brotherhood of Electric Workers fund filed a lawsuit seeking to recover money on behalf of other shareholders. It seeks to stop Goldman from allocating roughly 47% of '09 net revenue as compensation, saying such allocations "vastly overcompensate management and constitute corporate waste."

Job losses from the start of the recession are by far the worst since WWII in percentage terms. Employment peaked in December 2007. The depth and potentially the length of significant unemployment is illustrated in the graph below from calculatedriskblog.com.

March 5, 2010 The February U-6 unemployment rate rose to 16.8%, an increase of point 3 percentage points, the government reported today.

Long term unemployment, defined to be 27 weeks or more out of work steadied at about 6.1 million, or 41% of unemployed^(U3) people.

Also there were 1,200,000 discouraged workers in February, up from 473,000 a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.

The more commonly quoted U-3 was unchanged at 9.7 percent. The number of unemployed persons unchange at 14.9 million and 36,000 jobs were lost in February.