The Bureau of Labor Statistics pointed out a new milestone that the American labor market managed to reach. Over the month of April, the total amount of job opportunities attained the 6 million threshold. This achievement is actually the most flourishing since the agency started to track this parameter back in 2000. On the other hand, this domain is not without difficulties. It turns out that employers are having a hard time finding the best fit for their companies.
Available Job Opportunities Are Sticking to the Sluggish Wages Trend
On Tuesday, the Labor Department published its monthly report entitled Job Openings and Labor Turnover Survey. Data revealed that while there were more job openings than ever, candidates that presented themselves for an interview didn’t live up expectations. This can be interpreted in two ways. The market is dragged down by skills mismatches or the payroll is too low to constitute an adequate incentive for qualified professionals.
As such, job openings got an additional batch of 259,000 entries which reached a seasonally adjusted 6.0 million in April. This was the largest increase rate per month in a year. In other words, the job openings rate rose to 4% which can only equalize last June’s performance.
On the other hand, hiring efforts showed decreased results. There were only 5.1 million jobs filled which is 253,000 less than the previous month. This brought the hiring rate to one-year low performance of 3.5% from 3.6% in March.
Report Shows Low Quits Rate Which Indicate Strong Job Confidence
Judging by these numbers, specialists expect the current conditions of a tight labor market to trigger wage growth latter. For the moment, salaries are stubborn to remain within similar values even though the unemployment rate hit a 16-year low.
The Labor Department takes a high interest in quits rate which measures the job market confidence. Therefore, in April alone, there were 1.6 million employees who got laid off. However, this segment remained almost unchanged from March or the rest of 2017. On the other hand, there were 111,000 fewer people who quit their job voluntarily which makes it a total of 3.0 million resignations in April.
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