We'll then introduce one such factor, age demographics, and discuss the effects of this on national and local jobless rates. Next month's Review will complete the discussion of how much of higher local jobless rates can be explained in terms of the younger local work force. We'll also discuss other demographic effects next month, as well as those of faster economic growth. A final section of the present issue briefly details first quarter home sales and job growth data for the local economy. The process of job seekers finding employment and of potential employers filling job openings is akin to a mating dance.
Workers possess a set of skills, interests, ambitions, and income needs.
Companies seek a set of skills and personal characteristics in candidates which will allow them to adequately fill open positions. Hiring is a process of matching the needs and interest of both job seekers and hirers. In much the same way, not all willing workers find suitable positions immediately, even when the economy is functioning well. Furthermore, even as current job seekers eventually find employment, others are always entering the labo r force, resulting in residual, chronic levels of joblessness. The popular vision of unemployment is that of the same workers stuck jobless forever, or at least for a long time.