Job market is shrinking

U.S. Job Market Tightening
— reported by

Two surveys show that the U.S. labor market is tightening and that employers may soon experience a serious shortage of skilled workers.

Chicago’s Challenger, Gray & Christmas Inc. released two surveys Tuesday, one of job seekers and the other of human resources executives, that provide evidence of an emerging talent shortage.

The firm’s quarterly Job Market Index survey of 3,000 job seekers found that among those winning jobs in the first quarter, the median job search lasted just 2.7 months, more than a month shorter than the peak of 4.0 months reached in the third quarter of 2004. It was the lowest job-search time recorded since the second quarter of 2001, when search times fell to a record low of 2.1 months.


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