The Job Market’s Lookin’ Good! America Has More Than 5 Million Job Openings
If you’re on the hunt for a new job, you’re in luck — the American economy is on your side. The U.S. job market is now showing signs of a healthy recovery as five million positions are now waiting to be filled, BloombergBusiness reports. That’s the highest level we’ve seen since 2001.
Last year, as 24/7 Wall Street reported, the U.S. economy was filled with “opportunities galore” as four million job openings swept the job market. “[This] threshold has not been seen since March of 2008,” it added. Well, it’s a whole new year and 2015 has taken a huge step of improvement from the year prior.
“The fact that you have so many new jobs coming on the market shortens the time that individuals have to spend in unemployment between jobs,” Lou Crandall, chief economist at Wrightson ICAP LLC in Jersey City, said.
BloombergBusiness points to a blossoming sense of optimism among workers; more employees are seemingly more confident about quitting their jobs.”They were optimistic they could find another as the hiring pace picked up,” the article says.
Some 2.72 million employees quit their jobs in December — the highest in four months.
Crandall adds that one factor that “sticks out” from the current job report is that a “very large number of people found new jobs in the month.”
However, even these jobs won’t meet the demand, which, the AP says always exceeds job supply. More than that, there’s the persistent idea that there aren’t enough qualified candidates, which many people question. And then the job search process is frustrating.
“Complaints abound about online job sites that seem to function more as black holes than as gateways to employment. Applicants can’t get past online portals to explain gaps in their resumes. Multiple interviews and other steps – even for low-paying jobs – can prolong the process,” writes the Associated Press.
And we wouldn’t be telling the full story if we didn’t include the caveat that Black Americans are still struggling to pull out of a 10 percent jobless rate.
Still, in addition to driving up confidence, the budding economy has seen sales growth. “Continued strength in hiring will probably help spur a pickup in wage growth, which has been slow to materialize throughout the recovery,” BloombergBusiness adds.
A report from the Job Openings and Turnover Survey (JOLTS), commissioned by Federal Reserve Chair Janet Yellen, adds validity to the Labor Department’s latest jobs report. According to JOLTS, job openings surged for retailers, business, professional, and construction companies. The manufacturing sector, however, saw a downtick.
The number of workers who were hired rose to 5.15 million in December; that’s the most America has seen since November 2007, from 5.05 million.
“The gain adds to evidence that shows the labor market is picking up steam, creating a virtuous cycle in the process as Americans spend newfound incomes on goods and services,” BloombergBusiness concluded from the JOLTS report.
But these positive items should help with that fight.