The unemployment rate, at 4.1 percent in October, remains low by historical standards. But under the surface, there are signs that it can be difficult to land a job.
The share of unemployed workers finding jobs has been falling, and the average duration of unemployment has been rising — two indications of mounting strain for job seekers.
The Bureau of Labor Statistics reported a steep drop in the job-finding rate in October, extending previous months’ declines. That points to a potentially challenging dynamic: Layoffs remain relatively low, but people who lose their jobs could be struggling to find new ones.
The average number of weeks of unemployment also hit a two-and-a-half-year high in October, at 22.9 weeks, up from another recent high of 22.6 weeks in September. In the past few months, more people have been falling into the category of long-term unemployment, typically defined as being out of work for more than six months.
A recent downturn in open roles could have been contributing to the strain on job seekers, keeping many unemployed for longer. Available positions in September tumbled to 7.4 million, resembling prepandemic levels.
Job openings did tick up in October, surpassing expectations, according to data from the Bureau of Labor Statistics released this week. And in a survey conducted last month by the Conference Board, roughly 15 percent of consumers said jobs were hard to get, down from the almost 18 percent who said the same in October, hinting at easing conditions.
Source: Economy - nytimes.com
