Unemployment Rate and Job Openings Hit Record Numbers
The latest employment report from the U.S. Bureau of Labor Statistics reveals an unemployment rate of 3.8%, the lowest it has been since April 2000. Also for the first time since 2000 (the year this statistic was first documented), the number of available jobs exceeded the number of unemployed U.S. workers.
There were 6.7 million U.S. job openings at the end of April and 6.3 million individuals who were classified as unemployed at the time (those who didn't have jobs but recently searched for one). 223,000 new jobs were added to the U.S. economy in May, blowing past what was forecasted.
The largest number of job openings are in business services (1.2 million), which includes accountants, software developers, and clerical workers. Healthcare jobs followed closely behind with over 1 million unfilled jobs (WSJ).
"The labor market is undergoing its longest streak of job growth on record—92 consecutive months. Through the first five months of 2018, employers have added an average of 207,000 workers to their payrolls each month, outpacing 2017's average monthly growth of 182,000 and running counter to the general expectation for hiring to slow down as the labor market tightens."
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