By Selina Stoller, Summit AmeriFirst Holdings, LLC
Business is expanding in the United States to the point where job openings has reached an all-time high, and unemployment have reached a 16-year low.
According to the Bureau of Labor Statistics, the rate of openings hasn’t been as high since the Great Recession of 2008. The current percentage of openings matches the first all-time high in 2001. With more than 6 million job openings, the Pew Research Center says the biggest number of openings around the nation are in white collar and health care jobs.
Just in May, the economy added 138,000 jobs and the national unemployment rate fell to 4.3 percent. Wage gains were a bit indifferent and rose 0.2 percent over the prior month and 2.5 percent over the prior year in May. The payroll growth in March came down by 29,000 and April’s gains came down by 37,000. Over the last three months, payroll gains have now averaged 121,000.
It’s also important to keep an eye on the underemployment rate. This takes into consideration not only the official unemployment rate but adds those who are working part-time but who would prefer full-time work. In May this number stood at 8.4 percent, down from 8.6 percent in April. This is the lowest reading for this number since June 2007.
The drop in the unemployment rate comes as the labor force participation rate took a leg lower after having held steady, and slightly increased, over the last year or so. The labor force participation rate in May fell to 62.7 percent, down from 62.9 percent in April and 63 percent in March. The employment to population ratio also fell in May to 60 percent from 60.2 percent in April.
- 27 Jun, 2017
- Josh Smith