Chart of the Month: The Number of Job Openings Exceeds Unemployed Workers
For the first time in nearly two decades, there are more jobs available than there are unemployed workers to fill them. The gap between job openings and the unemployed has steadily increased throughout 2018. In September, job openings exceeded the number of Americans officially classified as unemployed by nearly 1.05 million.
With the unemployment rate hovering at its lowest level since the 1960’s, many employers are struggling to find workers to fill available openings. News reports of skill shortages, high turnover rates, and difficulty retaining employees are becoming increasingly more common.
The extremely tight labor market is beginning to drive up wages. The yearly increase in earnings broke through the 3.0% barrier in October. This was the first time wages have been above 3.0% since 2009. While the recent uptick is good news for workers, wage growth still remains below the 4.0% level which has historically prevailed during past cycles.
Note: The information contained herein has been obtained from sources that are believed to be reliable. However, Cammack Retirement Group does not independently verify the accuracy of this information.
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