There Are Now More Job Openings Than Workers To Fill Them

Job Openings in U.S. Increased in April to Record 6.7 Million

For the first time in at least two decades there are more job openings in the USA than the number of people unemployed.

The department said Tuesday job openings in April reached a record high of 6.7 million - an increase of 65,000 from March.

There are now more job vacancies than unemployed workers to fill them in the USA for the first time since 2000.

"This labor market is a headhunter's dream as no company can hire the skilled or unskilled workers they need without an employment agency working for them 24/7 scouring the country for anyone they can find", said Chris Rupkey, chief financial economist at MUFG Union Bank in NY.

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The manufacturing of long-lasting durable goods, including airplanes and machinery, saw some of the biggest increases in job vacancies in April, in addition to the information sector. In April, there was just 0.95 unemployed worker for every opening.

Partly for that reason, the amount of time it takes for the median unemployed person to find their next job is still almost 10 weeks, above the historical average. But in December 2000, near the peak of the late 1990s boom, they were getting raises of 6.5 percent. Analysts expect faster consumer spending to help accelerate growth to roughly a 3.5 per cent annual rate in the April-June quarter, after growth had lagged slightly in the first three months of the year.

The total US labor force of employed and unemployed workers was 161.5 million in April. More quitting is a positive sign, because it suggests workers are leaving jobs for new, possibly higher-paying, ones. Wages for job-stayers were up just 2.9 per cent in April, compared with 3.7 per cent six months earlier.

The JOLTS report showed that the rise in openings in April was led by professional and business services.

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