Offbeat Milestone for US job market: More openings than unemployed

21:56  05 june  2018
21:56  05 june  2018 Source:   msn.com

Jobs report beats expectations, unemployment rate falls to 18-year low

  Jobs report beats expectations, unemployment rate falls to 18-year low US employers added 223,000 nonfarm payrolls in May, more than expected, while the unemployment rate fell to a new 18-year low of 3.8%, according to the jobs report released on Friday. Economists had forecast that employers added 190,000 jobs on net while the unemployment rate remained at a 17-year low of 3.9%.

©2018 FOX News Network, LLC. All rights reserved. All market data delayed 20 minutes. WASHINGTON – For the first time on record, the number of job openings in the United States exceeds the number of unemployed Americans — a trend that may soon give workers more

The number of job openings roughly matched the number unemployed people in the United States for the first time since the Department of Labor began More workers quit their jobs in March than in any month since 2001, reflecting a general confidence among workers in their ability to find equal- or

For the first time on record, the number of job openings in the United States exceeds the number of unemployed Americans, a trend that might soon give workers more leverage for pay raises.

The number of available jobs in April rose 1 percent to 6.7 million from 6.6 million in March, the Labor Department said Tuesday. That's the most since records began in December 2000.

Steady economic growth has encouraged employers to step up hiring. That helped lower the unemployment rate in May to an 18-year low of 3.8 percent. Faster consumer spending is expected to lift economic growth above a 3 percent annual pace in the April-June quarter, after growth had lagged slightly in the first three months of the year.

Stocks set to add to gains after Friday’s strong jobs report

  Stocks set to add to gains after Friday’s strong jobs report U.S. stock index futures pointed to a higher open Monday, after a jobs report topped expectations on Friday. The U.S. economy added 223,000 jobs in May — much higher than the 188,000 figure expected by Reuters analysts. Traders are now looking at the so-called JOLTS data (job openings and labor turnover survey), due Tuesday, to confirm the strength of the labor market.At around 4:00 a.m. ET, Dow futures rose 72 points, indicating a higher implied open of 65.79 points. The Nasdaq and S&P 500 futures also indicated a higher start to the session for their respective markets.

The U . S . labor market has reached another milestone : For the first time in decades, there are more job openings than unemployed Americans who could fill them.

There are always more job openings than there are workers to fill them. Jolts Survey Job Openings Unemployed People Job Opening Unemployment Jolts Data. ABOUT US .

At the peak of the recession, there were, on average, 6.7 unemployed people for each job. Now, that figure has fallen to just 0.95 per opening.

Yet wage gains remain sluggish, compared with previous periods when the unemployment rate was this low. Hourly pay rose 2.8 percent in May for all workers, excluding managers, compared with a year earlier. In April 2000, the last time the unemployment rate was at 3.8 percent, hourly pay was up nearly 4 percent.

That suggests employers may not be as desperate to hire as the robust number of job openings suggests.

For example, data from the Federal Reserve Bank of Atlanta indicate that workers who switch jobs are starting to get healthier pay gains. That is a sign that companies are willing to pay more to lure workers from other companies.

There now are more job openings in the US than unemployed workers to fill them

  There now are more job openings in the US than unemployed workers to fill them WASHINGTON -- The labor market has hit a tipping point that should help boost wages: There are more job openings in the U.S. than unemployed workers to fill them. It's the first time that's happened since the government began tracking job openings in 2000.There were a record 6.7 million job openings in April, the Labor Department reported Tuesday. That was an increase from an upwardly revised 6.63 million in March.The revised data show that job openings outstripped total unemployed workers in March for the first time, and the trend continued in April.There were 6.59 million unemployed workers in March and even fewer, 6.

Contact us . Become a member. More . Minnesota's job market is pretty tight. There are more vacancies in the state than unemployed people. There were about 123,000 unfilled full- and part-time positions in the state in the second quarter of this year.

It's taken more than six years, but the private sector job market in the U . S . Business + Economy. Share. The Jobs Market Reaches a Meaningless Milestone . Some 10.5 million Americans are still out of work, including 3.7 million who have been unemployed for longer than six months.

But by historical standards, pay increases for job-switchers are relatively low. In April, job-switchers saw their wages rise 4 percent, on average. But in December 2000, near the peak of the late 1990s boom, they were getting raises of 6.5 percent.

And Martha Gimbel, director of economic research at job listing site Indeed, points out that pay increases for Americans who remain in their jobs are actually falling. Wages for job-stayers were up just 2.9 percent in April, compared with 3.7 percent six months earlier.

Separate research from the Federal Reserve Bank of Kansas City, released last month, shows that 14.5 percent of people who remained in their jobs in early 2018 received no pay increase from a year earlier. That figure was just 11 percent before the Great Recession began in late 2007.

"That is really astonishing to me at this point in the recovery," Gimbel said. "That just signals that employers are not worried about their employees being poached."

The number of people quitting their jobs in April slipped just 1 percent from a record high in March to 3.4 million. More quitting is a positive sign, because it suggests workers are leaving jobs for new, possibly higher-paying, ones.

Job openings rose in professional and business services, which includes accountants, architects and engineers; manufacturing; and in hotels and restaurants.

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