Something isn’t clicking in the US labor market.
On Tuesday, the latest “Job Openings and Labor Turnover Survey” (JOLTS) showed there were 5.757 million jobs available in the US in March — a near record.
Additionally, the number of unemployed people in the US per job open is down to prerecession levels at about 1.5 workers per job. In 2010, for example, this number was closer to five unemployed workers per job opening.
While the abundance of jobs is often interpreted as a sign of strength in the market, there’s a persistent and growing gap between the number of jobs available and the number of hires being made that points to a nagging skills gap in the labor market that is unresolved.
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Source: Business Insider