The job market in the US has just reached its most important milestone. For the first time in 18 years, the number of job openings is higher than the number of unemployed people. This suggests the country has achieved a huge economic development, allowing current employees to require pay rises and other benefits.
The biggest number of job openings since 2000
The Labor Department started monitoring the US job market in 2000 and, since then, they have closely counted both the number of unemployed people and the number of available jobs. In April 2018, they noticed the first significant change. The number of job openings increased by 1 percent from one month to another, reaching 6.7 million. This was the biggest increase since 2000, showing how the job market has developed over time.
However, the situation is even better than that. Given the high number of new jobs, the unemployment rate has also faced its biggest decrease. In 18 years, it reached its lowest point on record of 3.8 percent after employers kept adding new job openings for 92 months straight. This brought US’s economy to a great state, so analysts think this rate will get even lower.
The unemployment rate is likely to keep decreasing
At the beginning of this month, the situation somehow lagged. The massive decrease of the unemployment rate occurred between March and April, but analysts are positive further job openings are going to appear from now on. For the second quarter of the year, they hope the country could reach the record rate of 3.5 percent.
To get a better picture of the situation, we can compare it with older records. In July 2009, the recession ended, and there were 6.7 unemployed people per job. Now, job openings have increased so much that the number of unemployed people decreased to 0.95. Most of these openings appeared in the field of professional and business services. They were in need of engineers, architects, or accountants.
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