Rising trend in career opportunities has economist thinking optimistic

In Oct more job opportunities became available in the United States of America since the fall of 2008. After last week’s Labor Department report showed a fresh spike within the unemployment rate, career openings data was a breath of fresh air. The October job openings numbers, based on economists, could possibly be an indication that hiring may gain some momentum early next year.

Job opportunities statement for Oct

There were 3.4 million career opportunities reported in October. From Sept, that is a 3 million increase. 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 in the 2 previous months was reversed. The highest total since August 2008 when the financial sector was just about to collapse was where the Oct job openings reached. An increase of 369,000 private sector job opportunities in Oct was the biggest since 2006. The JOLTS report showed that advertised job openings rose by about 1 million. That’s a 44 percent increase from the low point arrived at in July 2009, a month after the recession technically ended.

Individuals with no careers nevertheless giving career opportunities a lot of job applications

From October 2009, there was a 32 percent increase in job opportunities. The 14.8 million still unemployed hurts that number though. It is really hard to get jobs nevertheless. The statement by JOLTS showed a lot of people trying to get Oct job opportunities. For every job, 4.4 individuals applied for it. Even so, that number is improving from 4.9 individuals per career opening reported in September and is the best ratio since January 2009. There is a huge hole that needs to be filled from the recession still. It will likely be another five years before the unemployment 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.

Job market not so horrible anymore

Hiring has accelerated quite a bit. Bernanke's estimate might end up changing with the career openings report. A three months hiring is what economists use the JOLTS statement to predict. Even though career creation in Nov fell short of probably the most conservative estimates, an economist at Credit Suisse in New York told reporters that last month’s dismal careers statement looks like “a bump within the road.”. The career market could be getting out of limbo finally with the JOLTS statement showing good signs.

Citations

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