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Online Job Demand Unchanged in October
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Online advertised vacancies were essentially unchanged at 4,439,000 in October, following a large loss in September, according to The Conference Board’s Help-Wanted Online Data Series (HWOL)™. Large losses continued in major financial sector States (New York, New Jersey, California and Illinois) while other States were little changed. New ads in October (those listed for the first time) dropped by 34,000, continuing their downward trend.
“The October labor demand data show losses in the financial sector but the greater impact will likely be in the November numbers,” said Gad Levanon, Senior Economist at The Conference Board. “Demand was also down for workers in other areas of the economy, like sales, maintenance and repair, and construction. Based on the all-time low reading in The Conference Board’s Consumer Confidence Index, we are likely to see more widespread deterioration in labor demand over the coming months.”
The effect of lower employer demand, combined with increasing unemployment, makes it more difficult for the unemployed to find jobs. The gap between the number of unemployed and online advertised vacancies stands at just over 5 million.
The lower demand is also keeping a downward pressure on the employment levels which turned lower nine months ago in January 2008. “Once employer demand begins to turn upward, the employment trend should follow,” said Levanon.
Click here to read the entire release.
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