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The United States has a record number of job offers, another sign Workers have more opportunities to find better jobs, according to new data released by the Department of Labor on Tuesday.
President Trump celebrated the news, tweeting "An incredible number has just arrived, 7,036,000 job offers. Astonishing – everything works! The president made a slight typo in his tweet. The actual figure is that the United States opened August 7, 2006 with 7,136,000 jobs, which is even better than Trump said and the highest ever recorded since the Ministry of Labor began tracking this data in the end from 2000.
The country now has more than one open job for every unemployed person, which is a dramatic turnaround since the Great Recession, when there were more than six unemployed for every job offered, said the Department of Labor . The unemployment rate was 3.7% in September, its lowest level since 1969.
Economists and job experts believe that the time is right for workers looking for a new job or to request an increase or promotion to their current employer. Many companies complain that they do not find enough employees, especially those with industry skills and knowledge.
"If you are thinking of quitting, ask your boss and I bet they will give you a lot of money to stay. Try, you have nothing to lose, "wrote Chris Rupkey, chief financial economist at MUFG Union Bank, in a morning note to clients. He described this as "one of the greatest historical imbalances between the help sought and the available workforce."
According to most measures, the US economy is strong – Federal Reserve Chairman Jerome H. Powell has even called it "extraordinary" – but wages continue to grow slowly.
The last time unemployment was about as low in the late 1990s, wages steadily increased by 4% or more. In August, wage growth reached 2.9%, the highest level in nine years, but remains disappointing by historical standards.
Economists still expect wages to rise as it becomes harder for companies to find workers, but many employers have opted for single premiums or additional benefits such as home-based work or free coffee at home. office instead of increasing the hourly wage.
(BLS)
Some say that the decline of unions and the erosion of workers' rights make it harder for employees to ask for more pay or promotion. Business leaders often point out that the cost of health care has risen sharply, so the money that could have been used for a traditional increase has been to pay for it. Nevertheless, there is a growing consensus that workers will probably have more weight in the current job market to get what they want.
"If you are currently looking for a job, the August JOLTS solid report suggests that you have more bargaining power than you might think," said Liring Lab economist Nick Bunker. , about the Survey of Job Openings and Manpower.
Many employees also say that they are "underemployed". The number of Americans stranded in part-time jobs who wish full-time work has not yet returned to its lowest level before the recession. Although there is a record number of job opportunities, employers are still reluctant to hire someone they have to train or have gaps in their work history.
For most of the recovery, people who changed jobs were According to Automatic Data Processing, the company that processes paychecks from millions of Americans, wages are higher than those who stayed. But that has changed recently.
Remaining workers and newcomers to the labor market now enjoy the same wage benefits as working workers, according to the latest ADP Workforce Vitality report. This is especially true for workers aged 25 to 34, who, according to ADP, benefit from wage increases of more than 8% on average, that they change jobs or stay in their jobs. current functions.
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