Record number of open U.S. jobs in August
WASHINGTON — U.S. employers posted the most jobs in two decades in August, and hiring also reached a record high, evidence that companies are desperate to increase staff amid economic growth.
Job openings rose a slight 0.8 percent to 7.14 million, the highest on record dating back to December 2000, the Labor Department said Tuesday. That is also far more than the 6.2 people who were that month.
The number of available jobs has swamped the number of unemployed for five straight months. Hiring has been solid, which has pushed down the unemployment rate to a nearly five-decade low of 3.7 percent. Strong demand for workers when so few are out of work may force more companies to raise pay in the coming months.
President Donald Trump celebrated the report on million unemployed Twitter, tweeting: “Incredible number just out Astonishing! It’s all working!” Trump added that the stock market was “up big” and referenced “Strong Profits.”
Yet so far, pay raises have been modest. Average hourly earnings rose 2.8 percent in September compared with a year earlier. That’s much higher than several years ago, but below the roughly 4 percent gain that is typical when unemployment is so low.
Job openings rose in August in professional and business services, which include mostly higher-paying positions in engineering, accounting and architecture, as well as temporary help.
Construction firms are also desperate for workers, posting 298,000 open jobs. That’s nearly 39 percent more than a year ago. Job openings also increased in finance and insurance and health care.
Openings fell in August from the previous month in manufacturing, retail, and slipped slightly in hotels and restaurants.