Yet another example how the narrative controls reality. Just tell kids they must go to college and they will do as told, even if it puts them in lifelong debt and has little to no value.
The labor market has hit a tipping point that should help boost wages: There are more job openings in the U.S. than unemployed workers to fill them.
It’s the first time that has happened since the government began tracking job openings in 2000.
There were a record 6.7 million job openings in April, the Labor Department reported Tuesday. That was an increase from an upwardly revised 6.63 million in March.
The revised data show that job openings outstripped total unemployed workers in March for the first time, and the trend continued in April.
There were 6.59 million unemployed workers in March and even fewer, 6.35 million, in April, according to the Labor Department’s monthly report on job openings and labor turnover, also known as JOLTS.
The Midwest had the highest rate of job openings at 4.8% of total employment and available jobs. The West, which includes California and 12 other states, was next at 4.4%.
“Never before have we had an economy where the number of open jobs exceeds the number of job seekers,” Labor Secretary Alexander Acosta said. “This administration is committed to ensuring that all Americans have the necessary skills to access good, family-sustaining jobs.”
Although the Labor Department job openings data go back only to 2000, one analyst’s study based on other data determined that the last time openings outnumbered unemployed Americans was 1970.
Early in the recovery from the Great Recession in 2009, there were more than six unemployed workers for every job opening. That ratio has been narrowing ever since. In April, there was fewer than one unemployed worker for every opening.
But some jobs are filled without posting a formal vacancy. And just because someone has a job doesn’t mean that they’re living comfortably.
The Labor Department counts people as employed if they did any paid work at all during the week in which the monthly survey is conducted. That includes part-time and temporary work, a growing type of employment in the so-called gig economy as more Americans act as independent contractors for services such as driving for Uber or delivering packages for Amazon.
“There are still workers that have not been able to find a job with the simple benefit of full-time, secure work,” said Martha Gimbel, director of economic research at employment website Indeed.