When I look at my Facebook feed, I always see people looking for jobs, hoping that an interview went well, asking for prayers, etc. regarding a job prospect. It’s tough out there for many, many people. It seems to me that younger people are getting hit hardest as they often have huge piles of debt to pay off from school. But at least most of these folks don’t have kids or a mortgage yet. There is no shame in couch surfing a bit if you have to. Just be thankful you don’t have a house that is being foreclosed on.
This most recent JOLTS (Job Openings and Labor Turnover Survey) number will be used as cover (a bit) when the Fed announces QE3, or Op Twist 2, or God only knows what else later this week. After all these jobs numbers show that what we need is more of the same policies we’ve seen since 2008.
The pace of total hiring also slowed, with 160,000 fewer jobs filled during the month.
Moreover, the drop showed weakness across the employment spectrum, with manufacturing seeing 62,000 fewer job openings and construction dropping by 2,000.
“Given the global economic slowdown and the impact a growing economy had on the fortunes of the sector on the way up, that is a worrying statistic and goes hand-in-hand with regional Fed surveys and is consistent with weakness in recent payroll readings. . . .”