US Job Openings Rise to Record High, Layoffs Hit Record Low – Real Pundit


U.S. employers posted a record-high number of openings jobs for the second consecutive month as a rapidly rebounding economy created severe demand for workers.

The number of available jobs on the last day of May rose slightly to 9.21 million, from 9.19 million in April, the Labor Department Said Wednesday. That’s the highest since records began in December 2000. The previously reported figure for April of 9.3 million has been revised to the lowest.

The number of people quitting their jobs slipped in May from a record high in April, but remained high. And the percentage of workers laid off hit a record low in May, the report said.

The numbers point to a tight job market, with employers being forced to pay more to attract workers who are still struggling to fill open jobs. And many workers are leaving jobs for better positions at other companies. It is not uncommon for such dynamics to have started with the unemployment rate rising further to 5.9 per cent in June, as reported by the government last week.

In May, there was essentially an open job for every unemployed American, a situation that is more common in an economy with a much lower unemployment rate.

However the persistent consequences of COVID-19 keep many potential workers on the sidelines. Some of the unemployed are worried about the risk of getting the disease from too many people, while many older Americans retire early. And the extra $ 300 per week in unemployment assistance allowed Americans to find higher -paying jobs than returning to previous positions that could have paid less. – READ MORE

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