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Usually when unemployment is low, there may be 5-10 applicants per position because people are gainfully employed. On job listings I've looked at, even if the post is just 1 day old, it receives something crazy like 175 applicants for 1 position.
Nationally it the official unemployment rate is 4.7%. This is supposed to be around the point where employers start complaining they can't fill positions. There is some of that now, but this is due to employers having unrealistic expectations like refusing to hire people who are perfectly capable of doing the job, but refuse to do so because they are unemployed or don't have the skills and educational background of a purple squirrel, and/or not paying enough to attract serious candidates. There is also the issue of what kind of jobs are available. There are a large number of people looking for career level type employment. These are the jobs that require skills or education and pay well. There aren't enough of those jobs available right now. Meanwhile, the low-quality jobs that are available are part-time more often than not. Chances are a lot of these part-time workers are looking for a second, full-time, or a career-level type job.
Also, there are several different measures of unemployment. The U6 unemployment rate includes underemployment, along with several other categories, and is at 9.2%.
No one has ever called me to participate in the Current Population Survey (CPS), which supposedly gauges the unemployment rate in the U.S. Nor has anyone ever called my friend who is also unemployed.
In my own twisted opinion, just with my experience searching for a job this past year, I believe the unemployment rate is probably around 12-18%, if you count people who go on disability because they can't find work it is probably closer to 20%. Many of the people in my neighborhood who are of working age (not retirement age), are on disability. Disability is a good gig if you can get it.
If I could get disability for being a misanthropic weirdo with a tinge of Asperger's, believe me I would sign up for it today.
The internet makes it easy for everyone and their dog to apply for a job. When I was reviewing resumes, 95% of the applicants simply weren't qualified for the position. The other 5% were qualified, but you're not going to interview more than 5+ people, it's too time-consuming. So, only the very top candidates were even considered. People who don't know how to job search properly will just play the numbers game, which is about as successful as the lottery.
I believe they only count people who are receiving unemployment benefits. Unemployment benefits only last for 6 months and not everyone qualifies for it.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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The evidence I see shows that the data is correct. We have 2,000 employees, and when we had openings in 2008-2012 we got well over 100 applicants for every opening. These are jobs starting in the $50k-100k range. We are now getting only 15-20. Every fast food and retail place I pass has a "now hiring" sign. Of course, some of this is regional, and 4.9 is national. Our rate is now 3.4%, well under the historic average of 5.48.
Friend of mine is a manager for a retail store, they always say they are hiring and always accept applications but aren't actually hiring most of the time. In case someone quits they want to have applications at the ready. I think it does more harm than good because once word gets out people stop applying because they don't want to waste their time applying for jobs that don't exist.
Around here you know when fast food, grocery etc.... are really hiring because they put up big signs for open interview days, just show up and get interviewed.
The unemployment rate is calculated the same, but the market isn't the same compared to the past, so what people actually experience in the market today is much different. It actually isn't a very good indicator anymore.
Full employment today is not the same experience as full employment 20 years ago.
I can remember when people use to say if you want a job, all you have to do is apply. It was very easy and no one even thought they would ever be long term unemployed. I never went more than a week or two between jobs. Now, I spent three years and never got hired. Much different today.
Usually when unemployment is low, there may be 5-10 applicants per position because people are gainfully employed. On job listings I've looked at, even if the post is just 1 day old, it receives something crazy like 175 applicants for 1 position.
What is the true unemployment figure?
Well of course the numbers you read about in the paper or hear about on the tv news are not real numbers. I never took those numbers seriously because they are only counting the people who are currently receiving UC. Not the people who ran out of UC and have not found a job yet.
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