Hiring Advances But Slowly [AUDIO]
Job growth has been slow over the past few years. Many job seekers complain they simply cannot find work.
The uncertainty at the bottom of the sink when the recent recession drained away is still there for many businesses. Economic Analyst Patrick O’Keefe of CohnReznick in Roseland says many employers have been wringing more productivity from existing staff and using temps.
“Until there are customers demanding what you’re providing, you don’t want to bring workers on unnecessarily.”
And like it or not, fiscal uncertainty in Washington, trouble in the Eurozone and sluggish growth in emerging economies such as China and India are also weighing down better job creation.
There were 3.6 million job openings on the last business day in September, according to the Bureau of Labor Statistics, not much changed from August.
The unemployment rate stood at 7.9 percent in October, as companies added 171,000 jobs. That’s certainly an improvement over a few years ago, but it’s not enough to quickly get the more than 12 million U.S. jobseekers back to work.