“The job market is deteriorating rapidly, but no one knows by how much because government statistics are produced with a lag. Fortunately, several economists have created measures to light the darkness. While they disagree on some specifics, their overall conclusion is the same: The U.S. is experiencing an economic catastrophe.
Economists Lisa B. Kahn, Fabian Lange and David Wiczer analyze data from Burning Glass Technologies, which collects information on job vacancies that are available online. They find a 30% collapse in vacancy postings, reflecting a massive decline in companies’ demand for workers.”