While most people like to look at the monthly unemployment figures, not many people know that the Conference Board also surveys how hard jobs are to get. Economist Dr. Ed Yardeni recently had two interesting points about the recent data on the difficulties of finding work:
In August, it increased to 50% from 44.8% in July. Its most recent low was 42.4% during April 2011. So the labor market has actually been deteriorating every month for the past three months, according to this measure.
The latest reading is the highest since May 1983. And that’s after the White House spent $880 billion aimed at creating 3.7 million jobs over the past two and a half years.
It will be interesting to watch how temporary jobs due to the holiday shopping season will affect these numbers. Consumers still seem to be wearing their “frugal hats” and traditional brick and mortar shops are having a hard time competing with their online counterparts. Therefore, expect to see seasonal work harder to come by than in years past.
Source: Yardeni Research, Inc