The Bureau of Labor Statistics released data this week showing that the ratio of unemployed people per job opening remains at the lowest it has been since April of 2001, at 1.3.
The number of total private-sector job openings now stands at 5,358,000—an all-time high since the statistic was first tracked in 2000.
Is the government creating those jobs? Not likely. Total government job openings stood at 513,000 in July—a tick lower than June, and a step down from the high of 648,000 in April 2010.
Some loudly proclaim that government “stimulus” spending is responsible for the job creation. However, the Federal Reserve Bank of St. Louis finds in a recent report that such spending might largely be a waste of money.