Job opportunities within the U.S. rose to a two-year high in October, according to the Labor Department. The career openings statement was good news within the wake of last week’s depressing jobs report in which the joblessness rate rose to 9.8 percent. However, economists say the job opportunities statement is preview of longer-term trends that could result in more hiring over the next few months.
Take a look at the Oct job openings official report
From September, there was a 3 million increase in career opportunities in Oct to 3.4 million. We are able to look at the Labor Department's Job Openings and Labor Turnover Survey. It showed that there was a 12 percent month-to-month increase which meant the decline within the 2 previous months was reversed. The highest total since August 2008 when the financial market was just about to collapse was where the October job opportunities reached. Since 2006, there hasn't been as big of private sector job openings as there was with the 369,000 private sector careers for October. There were about 1 million more advertised career openings too accounts JOLTS. 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.
Individuals with no careers still giving career openings too many job applications
You will find still 14.8 million individuals unemployed even though there may have been a job openings increase by about 32 percent from October 2009. Getting a career is not easy. There is a lot of competition. The statement by JOLTS showed a number of people trying to get October job opportunities. For each job, 4.4 people applied for it. The number was at 4.9 people per career in September which means the number is improving. Since Jan 2009, the number hasn't been that good. The recession still hurt things. It will be hard to fix it up. It will likely be another five years before the joblessness rate goes back to the "normal" 5 to 6 percent, based on Federal Reserve Chairman Ben Bernanke who was on the Columbia Broadcasting System News program "60 Minutes" Sunday.
Viewing a better career sector
Bernanke's estimate might have changed if he realized that the job opportunities report would show a sign of accelerate hiring. A three months hiring is what economists use the JOLTS statement to predict. Last month's careers statement is "a bump within the road" based on an economist at Credit Suisse in New York since the November career creation statement wasn't very good. The career industry could be getting out of limbo finally with the JOLTS statement showing good signs.
Data from
ABC News
abcnews.go.com/Business/wireStory?id=12332380&page=2
Business Week
businessweek.com/news/2010-12-07/job-openings-in-u-s-rise-pointing-to-bigger-payroll-increases.html
MarketWatch
marketwatch.com/story/job-openings-rise-to-34-million-in-october-2010-12-07
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