Yes, there is a vital piece still missing from the recovery equation. The number of unemployed continues to grow faster than job vacancies. As of August data, there were about six unemployed for every potential position according to the Bureau of labour Statistics.
Macroblog: At the end of August there were estimated to be fewer than 2.4 million job openings, equal to only 1.8 per cent of the total filled and unfilled positions—a new record low. This is an especially significant issue given the large number of people who are looking for work.
As shown below, this ratio was well under 2x at the beginning of 2008, and peaked at just 2.8x during 2003. Thus 6x today is truly shocking. Bargaining power clearly rests with employers. Perhaps it’s a good time to start a business and try to become one.
Note the years in the chart below are somewhat tricky to read.