The number of January job openings rose by roughly 7.6 percent from December, to 2.7 million according to new reports from the Labor Department. The data serves as concrete evidence of a recovery. Many economists have considered the recovery to be anemic in the absence of more job openings. 2.7 million is the highest job opening number the U.S. has seen since February 2009.
Job growth is vital to the recovery in that it helps boost consumer spending, which accounts for over 70 percent of the economy. Additionally, unemployment and extended unemployment benefits over the last two years have been steadily adding to U.S. debt.
Before the recession roughly 1.7 people competing for every one job, now even with the recent improvements, there are 5.5 unemployed people vying for each opening. As of December 2009, six unemployed people fought for every opening.
Economists found reports encouraging; however, the adminstration and analysts have predicted that the unemployment rate will hover around 9.7 percent for the remainder of the year.
Since the start of the recession, the economy is lighter 8.4 million jobs making it the worst decline since the Great Depression. Last month, the jobless rate maintained itself at 9.7 percent.
Economists believe that it will remain at an elevated rate for several years to come but forecast that the economy will ad as many as 300,000 jobs in March.
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