In what is relatively good news, the Bureau of Labor Statistics announced that job openings increased in August, bringing the total number up to 3.9 million. However, in not so good news, 11.3 million people were unemployed in August and actively seeking work.
Here is what it looks like in graph form. Click to zoom:
That means that for every job opening, there were 2.9 job seekers; alternatively stated, for every two out of three job seekers, there were simply no jobs available. While August marks the first time the ratio of job seekers to job openings has slipped below 3-to-1 since 2008, it is still as high as the worst month in the early 2000s downturn.
Translation: In terms of an economic recovery, we are nowhere near where we should be. We need to create more jobs.