Is the job market not as bad as it seems?

 Bill Clinton [Former US President] Pictures, Images and Photos

Yesterday, I watched a great interview with former President Bill Clinton on CNN and he discussed something very interesting. He said that in the last unemployment report that showed the U.S. unemployment rate at 9.6% there was also a mostly unnoticed, but important fact. It suggested that for the first time since World War II there were twice as many job openings than hires.

Clinton added that if all those job openings were filled than it would add about 5 million jobs and the unemployment rate would drop all the way to 6.9%. He said the main reasons why these jobs are not being filled are partially because many people can not move as easily as before the recession because they have a mortgage that is worth more than their home. However, the second and more common reason is that people are not properly trained for the openings. This is a stunning revelation.

It effectively means that if people obtain the proper retraining then the job market is nowhere near as bad it appears to be right now. This recession saw millions of people lose their jobs. More importantly though, it saw many industries ship their jobs overseas on a permanent basis. Although these jobs are not coming back, new jobs in growing industries are emerging and people need to get re-trained for them. Once people get the proper training then they will be able to acquire those jobs.

This also means that since many job openings are going unfilled, companies may be willing to train someone on the job even if they have no experience in that particular field. Therefore, if you are looking for a job in the U.S. and all you’re finding are jobs in unrelated industries that you don’t think you are qualified for, send them your resume anyway. Some companies will be willing to take a chance on you because they need workers and there aren’t many that are qualified right now.