Tuesday, May 26, 2009

5 Unemployed Workers for Every 1 Job Opening

Jake at EconoPicData has published this very interesting chart (shown above) that is a neat way of showing what I blogged about a month ago concerning that there are 5 unemployed job seekers out there for every single job opening.

Jake's way of showing the data is a bit more visually pleasing compared to my way---but the point is clear---the amount of unemployed Americans continues to grow, while the numbers of available jobs continue to shrink. And as Jake notes this could possibly to a future wave of stagfaltion---as inflation increases commodity prices, yet workers are unable to generate wage growth---because at the margin, there's so many more people willing to do work now than what there was just a couple of years ago.

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