Posted at 9:45 AM on August 31, 2009
by Julia Schrenkler
According to MinnEcon, dwindling jobs + high unemployment = worst job market in 9 years. MPR's Michael Caputo writes,
We told you last week about the .3 percent decrease in Minnesota's unemployment numbers. That's the good news.
But check this out: The number of job vacancies decreased by 40 percent from the second quarter of 2008 to 2009. That means there were 7.7 unemployed people for each vacancy statewide, compared to 2.9 people per job opening the year before. Here's how the state's Department of Employment and Economic Development characterizes the result:
"...it indicates that the labor market is less favorable for job seekers than during any other period throughout the history of the job vacancy series dating back to fourth quarter 2000."
That helps explain the experience of people like Eliot Axelrod of Bloomington, a source in our Public Insight Network who says he's been through 200 job interviews since being laid off late last year.