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Time: Employment Flow Statistics Paint Disturbing Picture of Job Market

Ref - http://www.time.com/time/business/article/0,8599,1861115,00.html

Unlike other economists, Lam looks beyond the total jobless number to something called employment flow, which tracks the numbers of people moving from the ranks of those receiving a regular paycheck to those who aren't and vice versa. What Lam has found is disturbing. Currently, people out of work have just a 22% chance of landing a new job within the next month. That already makes this a worse market for job seekers than at any time during the downturns of the early 2000s or 1990s, which is as far back as Lam's data goes. And remember, we haven't got to 8% yet. The underlying problem is something called misallocation of human capital. It's a fancy term for the idea that in the past few decades the U.S. may have been producing too many M.B.A.s and not enough R.N.s. Economists used to talk about it as one of those long-term risks that most people shouldn't worry too much about. Now, the problem — like the dangers of so many other things we didn't worry about — seems to actually be a problem . . .