15.1 Million Un-employed

October 7, 2009
Matt Isleib

 

That is the state of the current job market. The September job report was higher than analysts’ had expected. The consensus was for 175,000 jobs lost and that number came in substantially higher at 263,000.

While the numbers are getting smaller from this time last year there still is no clear picture to any improvement. This time last year we looking at 400,000 and more lost jobs per report and those numbers have come down yet it does not mean things are improving. The un-employment rate set yet another milestone at 9.8 percent.

Employers will shy away at new job hiring if there is no clear economic picture or direction and there is not one. That could ultimately mean the un-employment rate passing the 10 percent threshold and beyond before it gets better.

As of September 5.4 million Americans have been un-employed for six months or more and presently job searchers outnumber job openings at more than 6-1. Construction and manufacturing continue to carry the largest number of job losses.

It is kind of crazy when you think about it. We have a double edged sword here as far as a recovery goes. The economy will not get any better until there is stability in the job market and the job market will not improve until there is clearly a better economic picture. Ultimately it may be a long and slow recovery, one that is longer than most experts want us to think.