By Selina Stoller, Summit Consumer Receivables Acquisitions, LLC
The Labor Department’s Job Openings and Labor Turnover Survey reported a record high in available jobs during the month of July at just shy of 7 million. According to the Washington Post, the United States has a job opening for every unemployed person in the country.
Vacancies outnumbered those classified as unemployed by 659,000 for the month – an unprecedented trend that began earlier in 2018. Job openings rose nearly 12 percent since June with finance, insurance, and manufacturing industries seeing the biggest jump in vacancies according to the survey.
In contrast, job openings decreased in retail, educational services, and the federal government. The data also shows a high number of new hires.
The strong U.S. economy is making Americans more confident to quit their jobs to find something else. This “quit rate” is indicative of worker confidence and people leaving their positions voluntarily. The accommodation and food service industries have recently seen the most quits.
With all this job growth, industries doing the most hiring seem to be those that focus more on the skills of an employee rather than their educational background.
This means job-seekers without a degree have an increased chance of finding employment in today’s market. In a job field short of workers, companies can either pay more for talent or expand their training programs.
Small business confidence is also adding jobs to the economy. Recent survey data shows 33 percent of small-business owners plan to increase their number of employees in the next 12 months.
Experts are predicting job, and wage growth will push the Federal Reserve to approve another interest rate increase later in September. The GDP increased 4.2 percent in the second quarter and is on track to surpass 4 percent again the third quarter. All of these are signs the U.S. economy is strong.
- 19 Sep, 2018
- Summit Consumer Receivables Acquisitions, LLC