Moving In The Right Direction: Ratio Of Unemployed Workers To Job Openings Hits Four-Year Low

Dealing yet another blow to the theory that “uncertainty” because of the so-called “fiscal cliff” was holding back the economic recovery, the ratio of unemployed workers to job openings hit a four-year low in December, according to the latest data from the Bureau of Labor Statistics. There are 3.3 unemployed workers for every available job — the lowest ratio since November 2008 — down from a high of 6.7 to 1 in July 2009. Compared to November, “employers laid off 17,000 fewer workers than in October, and posted 11,000 more job openings. Some 46,000 more workers quit their jobs — a sign they see the job market as improving.” The economy created 155,000 jobs in December, while hourly earnings also rose.