Labor Department says job openings increasing steadily

There were more career openings in Oct than there have been in 2 years, the Labor Department said. After last week’s Labor Department statement showed a fresh spike within the joblessness rate, career openings data was a breath of fresh air. However, economists say the career opportunities report is preview of longer-term trends that could result in more hiring over the next few months.

Career opportunities report for Oct

Job opportunities in Oct rose to 3.4 million, a rise from 3 million reported in September. Declines within the previous two months were reversed with the 12 percent month-to-month increase as shown by the Labor Department Job Openings and Labor Turnover Survey. The October career openings number is extremely high for a recession. Since August 2008, when the financial sector was close to collapsing, the numbers haven't been this high. Since 2006, there hasn't been as large of private sector job openings as there was with the 369,000 private sector careers for Oct. There were about 1 million more advertised career openings too reports 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 wa! s reached.

People without careers still giving career opportunities too many job applications

You will find nevertheless 14.8 million individuals unemployed even though there might have been a job opportunities increase by about 32 percent from October 2009. It is really hard to get jobs still. The report by JOLTS showed a number of people trying to get October career openings. For each job, 4.4 people applied for it. Even so, that number is improving from 4.9 people per job opening reported in September and is the best ratio since Jan 2009. Despite the gains, the hole blasted in employment by the recession is deep. It will likely be another five years before the unemployment rate goes back to the "normal" 5 to 6 percent, according to Federal Reserve Chairman Ben Bernanke who was on the Columbia Broadcasting System News program "60 Minutes" Sunday.

Viewing a much better job industry

Bernanke's estimate might have changed if he realized that the job openings report would show a sign of accelerate hiring. A three months hiring is what economists use the JOLTS report to predict. There was a really poor career creation statement in November which had individuals worried. An economist at Credit Suisse in New York said the careers report was just "a bump in the road" last month. The career industry could be getting out of limbo finally with the JOLTS report showing good signs.

Articles cited

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