In April, there were reportedly 5.4 million job openings in the US. That’s the highest number in 15 years.
The record of monthly job openings has been tracked by the Bureau of Labor Statistics since December 2000. It’s a sign that the economy appears to be rebounding from its winter slowdown.
“The surge this past spring was even better than expected,” said Peter Boockvar, chief market analyst at the Lindsey Group.
According to the report, in the past year, healthcare, business services, and social assistance have seen the most openings. That trend continued in April with an uptick in healthcare positions. Businesses across America have also been hiring, although the biggest increases recently have been out west.
Logging and mining are two industries that continue to struggle. Both were hit hard by the dramatic decline in oil and other commodity prices in late 2014 and early 2015. Energy companies have also slashed jobs due to low gas and oil prices.
Though more openings are likely to lead more hiring, many jobs still require more skills and experience than what seekers may have.
Unemployment is now 5.5 percent in the US, down significantly from 6.3 percent at this time last year. According to CNN, the US economy gained 280,000 jobs in May, thousands more than economists projected.
“It’s a strong report, stronger than we had expected,” said Jesse Hurwitz, a senior economist at Barclays. “The US labor market strength remains very much in tact.”
In April, about 2.7 million people voluntarily quit their jobs—encouraging others to look for better, often higher-paying opportunities that they can get quickly.
“For those ready to work now, the job openings are clearly there with a skills match being the key needed fit,” said Boockvar.
Experts say the job gains in May are a good omen for growth in wages.
It is timely progress for the economy, as the Federal Reserve board is set to meet on June 17th. The Fed is expected not to raise its main interest rate in June, but Fed Chair Janet Yellen will speak to the press and offer her outlook on the economy.
If conditions continue to improve, interest rates could rise for the first time in about a decade—a healthy sign for America’s growing economy.
“The evidence in the May report shows that the economy continues to be on the right track,” said US Labor Secretary Tom Perez. (With reports from CNN)
(LA Weekend June 13 – 16, 2015 Sec. D pg.1)
