Job Openings Started Outstripping Job Seekers in March By Mairead McArdle
The U.S. economy reached a record 6.7 million job openings in April, the Department of Labor stated Tuesday, hundreds of thousands more than the number of unemployed workers.
March and April both saw the number of job openings outstrip the number of unemployed workers.
There were 6.7 million job openings in April and only 6.35 million job seekers. The previous month saw 6.63 million job openings, more than the 6.59 million unemployed workers.
The number of openings has never been higher than the number of job seekers since the government started counting employment opportunities in 2000.
May saw 223,000 jobs added to the U.S. economy.
“Never before have we had an economy where the number of open jobs exceeds the number of job seekers,” remarked Labor Secretary Alexander Acosta. “This administration is committed to ensuring that all Americans have the necessary skills to access good, family-sustaining jobs.”
However, the Labor Department includes in the number of employed those who are working part-time or have temporary employment.
Just after the Great Recession in 2009, there were over six unemployed workers for every job opening, an estimate that has continued to shrink.
The increase in job openings is expected to increase wages, but economists have expected wage growth for the past few years and it did not occur.
Business-services saw the biggest jump with 1.3 million more job opportunities in April. Manufacturing and information jobs also also saw a sizable increase.
Unemployment dropped to 3.8 percent in May, the lowest since April, 2000 and down from 3.9 percent in April, the Labor Department stated earlier this month.
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