Posted on 06/06/2018 1:42:46 PM PDT by Diana in Wisconsin
The American economy just went off the charts when for the first time in history there are now more jobs than job seekers:
The jobs market has reached what should be some kind of inflection point: There are now more openings than there are workers.
April marked the second month in a row this historic event has occurred, and the gap is growing.
According to the monthly Job Openings and Labor Turnover Survey released Wednesday, there were just shy of 6.7 million open positions in April, the most recent month for which data are available. That represented an increase of 65,000 from March and is a fresh record.
The number of vacancies is pulling well ahead of the number the Bureau of Labor Statistics counts as unemployed. This year is the first time the level of the unemployed exceeded the jobs available since the BLS started tracking JOLTS numbers in 2000.
As of April, the total workers looking and eligible for jobs fell to 6.35 million, a decrease from 6.58 million the previous month. The number fell further in May to 6.06 million, though there is no comparable JOLTS data for that month.
Under normal circumstances, the mismatch would be creating a demand for higher wages. However, average hourly earnings rose just 2.7 percent annualized in May, up one-tenth of a point from April.
“Given these trends, the sluggish wage growth rate is even more perplexing,” said Cathy Barrera, chief economist at ZipRecruiter, an online employment marketplace. “If employers want to fill these 6.7 million job openings, they are either going to have to raise wages or find more clever and creative ways to recruit workers off the sidelines.”
Thank you President Trump!
Or train people in the needed skills. That’s the missing puzzle piece.
I think Obama or Valerie Jarrett already claimed Credit ,LOL
Hussein’s fault....
Cut the welfare and disability benefits and a whole bunch of job seekers will appear like magic
Working folks sure need a little more money, hopefully this may push that some - if you have a skill.
Maybe I should come out of early retirement and go back to work??? Nah. I went Galt and I’ll stay that way
“Never before in history” is not accurate as these stats have only been tracked for 20-30 years.
However, after all the regulation cutting and the slashing of the corporate tax rate anyone with two brain cells had to know we were about to enter the hottest economy in US history. I wish I was in a better position to profit from it.
Good economic news is always welcome but the hyperbole sours it. We are at the confluence of Trump’s improved economy and Obama era book keeping to hide those who have dropped out of the workforce to make the latter’s numbers look good.
Trump has done a great job, but I don’t believe the statistics.
Interest rates are inching up (as well they should), but can something be done about the banks not following suit on savings accounts?
Not in a communist, centrally planned way, but by way of the bully pulpit and the usual private channels. Plenty of Goldman guys inside that Beltway. Jamie Dimon is no slouch in the banking industry - maybe he can give his buddies a nudge.
Seriously, we need a return to the 5% passbook savings rate and give savers a return on their money.
Metoo....
bammy and jarrett did everything they could to improve the job situation in teheran. They even gave them 15 billion of our money to help them out! after all, he did promise a laser-like focus on jobs.
Yeah, it’s totally kr@p that savings are bitten on the butt by low rates, income taxes, and inflation.
How many still grifting welfare? Quit paying people not to work and see if these numbers change.
Yeah, I’ll strap on a peg leg and hop down to the nearest ditch digging company toot sweet.
Wages must rise......................
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