How Tight is The Labor Market?

by: Kimberly Kenner

Excerpts from Jeff Koklo, Chief Economist at Indeed

According to Kolko the U.S. labor market is unusually stretched, but there are a couple of caveats. The unemployment rate is 3.9 percent, the lowest level in 17 years.

Another measure that shows how many people are looking for jobs compared to how many jobs are available reveals that there is a job opportunity for just about everyone.

  1. There is presently about one open job per unemployed, again the lowest level for this metric in 17 years.
  2. During the 2007-09 recession, it was more than six unemployed workers per open job.
  3. Here in Orange County and LA, The unemployment rate is extremely low for people with a college degree—2.1 percent, which explains why it’s especially hard to find skilled candidates in lots of fields.

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