Wednesday, February 25, 2009

Please don't let this be a microcosm of the labor market

The labor market is brutal, but it cannot be this brutal! From the Financial Times:
Throngs of unemployed New Yorkers braved sub-freezing temperatures on Tuesday in hopes of finding new work amid rising job cuts.

Wrapping around block of the Sheraton New York Hotel for hours, more than 5,000 people - many in business attire - waited in single-file lines for a chance to submit resumes and chat briefly with recruiters. There were 41 companies hiring, according to Women for Hire, who sponsored the job fair and allowed men to attend for the first time, with a total of 1,000 openings to be filled. At the last such event in November just 1,500 people attended.
RW: Please don't let this be a microcosm of what's to come.
  • 5,000 workers in the labor force (employed + unemployed)
  • 1,000 jobs, i.e., employed
  • 4,000 unemployed
Unemployment rate = 80%

Rebecca Wilder


  1. Same thing keeps happening monthly in Phoenix at job fairs. 5,000 people show up in lines around the convention center for 140 - 300 jobs.

  2. 80%! Haha, you're even more pessimistic than me.

    Just out of curiousity, is there any data on general selection rates? Ie a survey on corporate recruiters who pick up 1 out of n applicants historically?

    Just on a gut level, from seeing these types of job fairs before, 20% selection rate on applicants actually seems pretty high.