Record Hiring in the USA
Bottom Line: Fresh off of Friday’s deceptively good jobs report (if you don’t know what I’m talking about check out my stories from yesterday), comes this record goodness. In the history of the Labor Department tracking hiring... we’ve never had more of it. A record 5.9 million hiring's happened in the prior month (which coincided with the exceptional April jobs report which brought the unemployment rate to its lowest level since 1969). What’s more is how many more jobs openings there are than people to fill them.
According to the JOLTS report there are now 1.63 million more job openings than unemployed people looking for work. That’s also a new record. It helps explain what happened in May as well. As I pointed out more than 200,000 part time employees had their jobs made into full-time positions. As employers are having a hard time finding people to fill vacancies, many employers are opting to convert part-time employees into full-time workers. This should mean we should continue to see significant improvement in the underemployment rate in coming months, if not the unemployment rate itself. Once again – we're in a strong economy and if you pay attention to fundamentals rather than noise in news media – you're likely to prosper and be far less frustrated in the process.