The official unemployment rate in August stood at 9.6% with the total number of unemployed persons at 14.9 million. The real unemployment rate U6 is much higher. With so many millions of people unemployed one would think that American firms would not have a problem recruiting workers for any open position. However that does not seem to be case, at least according to Narayana Kocherlakota, President of the Minneapolis Fed.

From the latest edition of Bloomberg BusinessWeek: