There Are More Jobs Than People Out of Work, Something the American Economy Has Never Experienced Before (cnbc.com)

The jobs market has reached what should be some kind of inflection point: there are now more openings than there are workers. From a report: April marked the second month in a row this historic event has occurred, and the gap is growing. According to the monthly Job Openings and Labor Turnover Survey released this week, there were just shy of 6.7 million open positions in April, the most recent month for which data are available. That represented an increase of 65,000 from March and is a record. The number of vacancies is pulling well ahead of the number the Bureau of Labor Statistics counts as unemployed. This year is the first time the level of the unemployed exceeded the jobs available since the BLS started tracking JOLTS numbers in 2000. As of April, the total workers looking and eligible for jobs fell to 6.35 million, a decrease from 6.58 million the previous month. The number fell further in May to 6.06 million, though there is no comparable JOLTS data for that month. Under normal circumstances, the mismatch would be creating a demand for higher wages. However, average hourly earnings rose just 2.7 percent annualized in May, up one-tenth of a point from April. Further reading: Why Nebraska has an amazing jobs market but nobody is moving there.

Comments

Ok

[Locke2005]

So why are headhunters still calling me up and trying to lowball me on software developer contracts? With H1B Visas getting shut down, they should be especially short on software engineers, shouldn't they?

Re:Ok

[jwhyche]

Sorry hoss, I'm not a baby boomer. But in a way your are correct, baby boomers are largely responsible for most if not all of this countries problems.

The only thing my generation has been is stuck with trying to clean up the mess boomers have left us.

Uh no

[MikeRT]

There are anywhere from a few million to tens of millions depending on the accounting who just gave up on finding a new job and are not counted anymore.

Labor pool stats are just relative to what we call a proper labor distribution anyway. If 10m millennial women suddenly dropped out of the workforce over a decade to be stay at home wives**, they'd probably call them unemployed. When men who did jobs that were outsourced give up, they call them participants in a ghost economy we won't^H^H^H^H^Hcan't measure Because Reasons.

(**bwahaha you don't think corporate America welcomed a massive influx of women into the workplace out of "repentance for sexism," do you? They found religion on "equality" because adding tens of millions of working women to the economy crippled the ability of the men and lower class women to negotiate with them a la wages.)

Of course, it is a common tactic . . .

[sgt_doom]

for corporations doing poorly to advertise for nonexisting jobs. I recall back in the 1990s, when a local company called Traveling Software, kept advertising for positions after they had laid off over 60% of their workforce --- and surprise of surprises --- they never bothered to fill any of those advertised-for positions.