There are now more jobs available in the United States than there are people out of work. This is an achievement that has never been accomplished before in the American economy. According to the Bureau of Labor Statistics, there are 6.7 million job openings and only 6.4 million available workers.
April marked the second consecutive month where this trend has occurred. Average hourly wages are increasing as well, up 2.7 percent in the last year.
“According to the monthly Job Openings and Labor Turnover Survey released Tuesday, 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.”
The unemployment rate has also dropped to 3.8 percent. That is tied for the lowest rate since 1969.
Most economists point to President Trump’s tax cuts and deregulation for the economic surge. Investors have been encouraged by Trump’s pro-growth policies. Those on the left who claim President Obama laid the groundwork for this economic boon typically cannot point to a single policy that aided this recovery.