There’s a million more jobs available than there are unemployed workers, according to a Labor Department report released Monday.
According to CNBC:
Total available jobs stood at 7.08 million for October, the second-highest level surpassed only by the 7.3 million in August, the Job Openings and Labor Turnover Survey showed. By comparison, there were just 6.08 million Americans classified as unemployed for the month.
The survey shows a tightening jobs market at a time when questions are arising over the broader economy’s strength. Most economists are expecting a global slowdown that could infect the U.S., which is coming off its strongest year since the Great Recession ended in mid-2009.
JOLTS data showed a mostly strong picture for the employment situation.
In other words, while the economic has taken some hits recently, overall the job market is still holding strong.
Zero Hedge has this to say:
With prior revision, this will be not only the 4th consecutive month of job openings printing above 7 million, but more importantly, the 8th consecutive month in which there were more job openings then unemployed workers: considering that according to the payrolls report there were 5.975MM unemployed workers in October, there is now just over 1.1 million more job openings than unemployed workers currently, (how accurate, or politically-biased the BLS data is, is another matter entirely).