Economic Milestone: There Is a Job for Everyone Who Wants One

09 May, 2018, 08:07 | Author: Mary Valdez
  • Task openings hit List high of 6.6 million

According to the latest data from the Job Openings and Labor Turnover Survey, there were 6.55 million job openings in March.

Despite the surge in job ads, hires and separations were little changed over the month, coming in at 5.4 million and 5.3 million, respectively.

The Labor Department says that job openings rose 7.8 percent in March from 6.1 million in February. Professional and business services, construction, and transportation, warehousing, and utilities led the new vacancies.

The question now of course is how to get those unemployed workers into those jobs. In March, there were 6.59 million unemployed, meaning there are 1.01 unemployed workers for every job.

Businesses have added an average of 208,000 jobs a month over the past three months, and unemployment is below 4% for the first time since 2000.

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US job openings surged to a record high in March, suggesting that a recent slowdown in hiring was probably the result of employers having difficulties finding qualified workers.

The standard retort to that point, is if the job market is so tight, why aren't companies aggressively raising wages?

In addition, workers may be reluctant to relocate to where the jobs are, or to accept a position with lower pay or in a different field, for example.

"We need more people to come off the sidelines, and more attractive wages should be an effective way of encouraging that", Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in an email.