Hirings hit record high despite job opening exceeding people looking for jobs
The total number of workers hired rose to a new high in April, according to Labor Department data released Monday. But despite this, the amount of available jobs still vastly outnumbers unemployed workers.The performance of the economy in producing jobs remains remarkable. It is hard to see how Democrats can claim to do better. At this point, the focus should be on bringing more people into the job market who are currently not actively seeking work.
Hirings increased to 5.9 million for the month, a gain of 240,000 from March, the Job Openings and Labor Turnover Survey indicated. The hiring rate rose to 3.9%, an increase of one-tenth of a percentage point. The total hirings was the most recorded in the data series’ history going back to December 2000.
On the openings front, the gap between vacancies and available workers continued to be huge.
Openings for the month actually decreased slightly, falling 25,000 to 7.45 million. However, workers that the Bureau of Labor Statistics classifies as unemployed declined by 387,000 to 5.82 million, leaving the gap at 1.63 million.
“In sum, the labor market remains strong and poised for continued solid job growth,” Ward McCarthy, chief financial U.S. economist at Jefferies, said in a note. “Despite the 21.4 [million] private sector jobs that have been generated to-date this cycle, the private business sector continues to generate a very strong demand for labor that is evidenced by the very large number of job openings that business wants to fill. The biggest threat to job growth is available supply, not demand for labor.”