Mar 15, 2010
The media report that there are six workers available for every job opening. That’s an average. Look behind the scenes. It’s worse!
For each job opening in construction, there are 24.5 unemployed workers looking for work.
For every job opening in durable goods manufacturing, there are 17 workers looking; for other manufacturing jobs, 12.6 workers for each opening; for mining, 9.3; for transportation, 8.2; and for information – that is, computers – there are 6.8 workers per job.
In other words, there is much more unemployment in occupations that create goods and power the whole economy. It’s in white-collar jobs, like finance, that the odds are better: 2.7 workers per available job in finance; and 3.5 in professional and business services.
It’s clear to see where any “job stimulus” has arrived ... and where it hasn’t.