More jobs open than people seeking work
Postings increased slightly to 6.66 million
WASHINGTON — U.S. employers posted slightly more openings in June than the previous month, resulting in more available jobs than unemployed people for the third straight month.
The Labor Department said Tuesday that job openings barely increased, rising 3,000 to 6.66 million. That’s more than the 6.56 million people who were searching for work in June. It’s also close to April’s figure of 6.8 million, a record. Overall hiring slipped to 5.65 million from 5.75 million, and the number of people quitting their jobs declined slightly to 3.4 million from nearly 3.5 million in May.
The figures reflect a robust job market.
The unemployed typically outnumber job openings, but that reversed this spring. Businesses are optimistic about the outlook and are stepping up hiring in anticipation of solid future growth. The economy
expanded at a 4.1 percent annual rate in the AprilJune quarter, the fastest pace in four years.
Last week, the government said employers added 157,000 jobs in July and the unemployment rate fell to 3.9 percent, near an 18-year low. That figure represents a net gain, while Tuesday’s report, known as the Job Openings and Labor Turnover survey measures total hiring before quits, layoffs and retirements.
The proportion of workers quitting their jobs is at the highest level in nearly 13 years.
With job openings outnumbering the unemployed, companies should be bidding up wages to attract and keep workers. Yet average hourly pay gains remain modest.
Average hourly wages rose 2.7 percent in July from a year earlier, the Labor Department said last week. Yet inflation has offset that gain: Consumer prices increased 2.9 percent in June from a year ago, lifted in part by more expensive gas.