EPI: Job Seekers Outnumber Job Openings 3-to-1

The number of people seeking jobs is now three times higher than the number of job openings, according to the latest economic snapshot from the Economic Policy Institute.

Reporting on Bureau of Labor Statistics numbers, EPI said as of October, there were only 3.1 million job openings, down 25 percent from the start of the recession in December 2007.

"While that's bad, what makes matters worse is that this rapid decline in job openings has been accompanied by a sharp increase in unemployment. In October 2008 the number of job seekers topped 10 million.  The acceleration has been startling: the number of job seekers per opening has skyrocketed from 1.9 at the beginning of this recession to 3.3 less than a year later," EPI said. Read more at www.epi.org.