Connect with us

Economic News

5.6 Million Job Openings Exceed Number of Available Workers | Financial Wars



job openingsAccording to a jobs report released by the Labor Department, there are now 5.6 million job openings that exceed the number of available workers in the United States.

This is the largest gap since 2000 and underscores the severity of the labor shortage currently facing businesses across the country.

In addition, a record number of people quit their jobs in March, indicating that workers are increasingly confident in the labor market and have more opportunities available to them.

These trends are likely to continue in the coming months, as the economy continues to strengthen and businesses struggle to find qualified workers.

Overall, the U.S. economy has added back about half of the 22 million jobs lost in March and April 2020 as businesses were forced to close their doors or scale back operations amid lockdowns aimed at curbing the pandemic.

The jobless rate fell to a pandemic low of 6% in March from a peak of 14.0% in April 2020 but is still well above its pre-pandemic level of about three and a half percent.

The Labor Department’s report on job openings and quits covers March, the most recent month for which data is available. The department will release its closely watched employment report for April on Friday.

Economists expect that report to show the economy added a robust 978,000 jobs last month as businesses continued to reopen and more Americans got vaccinated against the coronavirus.


The jobless rate is forecast to have dipped slightly to 6.1% from 6.2% in March.
If those forecasts prove accurate, they would mark another month of solid gains in employment following a strong showing in March.

Employers added nearly one million jobs that month, the most since August, and the unemployment rate fell sharply to six percent from six and a half percent.

The acceleration in job growth has been driven by a reopening of the economy and an increase in consumer spending as more Americans get vaccinated. The vaccines have also allowed schools to reopen, which has helped spur job growth among teachers and other school workers.

The labor market has shown other signs of strength in recent weeks. New applications for unemployment benefits have declined to a pandemic low, and employers have been reporting difficulty finding workers to fill open jobs.

The economy is still about eight million jobs shy of its pre-pandemic level, but the pace of job growth has picked up in recent months as businesses have reopened and more consumers have spent freely.

The solid employment gains are expected to continue in the coming months as the vaccination effort accelerates and restrictions on businesses ease further.

That should help boost economic growth and allow the Federal Reserve to begin scaling back its support for the economy later this year.

The Fed has said it plans to keep interest rates at historically low levels until employment returns to its pre-pandemic level and inflation rises sustainably to two percent.


“The labor market is firmly on a path of healing that will only gain further momentum in coming months as COVID restrictions are lifted,” said Mark Hamrick, Bankrate’s senior economic analyst. “This is good news for workers seeking employment as well as those employed who may be concerned about job security.”

The employment report for April will be released on Friday. Economists expect it to show the economy added 978,000 jobs last month. The jobless rate is forecast to have dipped slightly to six point one percent from six point two percent in March.


© Copyright 2022 | All Rights Reserved RISK DISCLAIMER There is a very high degree of risk involved in trading. Past performance is not necessarily indicative of future results. Financial Wars and all individuals affiliated with this site assume no responsibility for your trading and investment results. All the material contained herein is believed to be correct, however, Financial Wars will not be held responsible for accidental oversights, typos, or incorrect information from sources that generate fundamental and technical information. Options trading carries significant risk. Futures and futures options trading carries significant risk. Trading securities, security options, futures and/or futures options is not for every investor, and only risk capital should be used. You are responsible for understanding the risk involved with trading options. Prior to trading any securities products, please read the Characteristics and Risks of Standardized Options and the Risk Disclosure for Futures and Options. The indicators, strategies, columns, and all other features are for educational purposes only and should not be construed as investment advice. Information for futures trading observations are obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. Your use of the trading observations is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the information. You must assess the risk of any trade with your broker and make your own independent decisions regarding any securities mentioned herein. Affiliates of Financial Wars may have a position or affect transactions in the securities described herein (or options thereon) and/or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. All of our partners or affiliated companies are in no way associated with the proprietary information provided by the Financial Wars Trading Method or software. All returns are based off buy side analysis and do not include commission costs. All projections are based on current returns. The projections do not account for any possible draw down effects on performance and performance projections. Actual returns and projected returns may fluctuate over the course of the service. "VIP" or "Lifetime" designation refers to the lifetime of the product only and not to be assumed to be the lifetime of any individual. Any person who chooses to use this information as a basis for their trading assumes all the liability and risk for themselves and hereby and absolutely agrees to indemnify and hold harmless Financial Wars, its principals, agents and employees. As a Student and Chat Subscriber, we ask that you please cross check the information posted here. We ask that you challenge any information you feel is incorrect. We do not guarantee any of the information that is posted in the chat. All company names are trademarks or registered trademarks if their respective holders. Use of a mark does not imply any affiliation or endorsement by them.

Social Media Auto Publish Powered By :