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May 12, 2009

arrowCompetition for jobs continues to grow

As the recession continues in the U.S., unemployment is still rising and the number of jobs available jobs keeps declining.

The result: More competition nationally for the job openings that do arise, according to the Economics Policy Institute in an analysis released today.

20090512_jolts_600.gifThe Washington, D.C. think tank reported today that in March, when the overall unemployment rate was 8.5%, there were about 4.8 job seekers for every vacant position (see EPI graphic at right) . With the announcement that unemployment in April rose to 8.9%, EPI economist Heidi Shierholz said she believes the ratio is certain to climb to 5-to-1.

"Despite the fact that the April report showed that the pace of job losses is slowing, there are still millions of jobless workers with little hope of finding employment in this dramatically weakened labor market," Shierholz writes.

California's Employment Development Department will release April's unemployment figures for the state and its counties on May 22. Unemployment rates for the state and Valley counties have been running well above the national rates. Statewide, unemployment in March was at 11.5%, while Fresno County's rate was 17%. Both those numbers are likely to rise when the April numbers come out.



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