It's clear the great jobs mo' is going to continue
Botton Line: Good jobs reports and great jobs trends are terrific. But it's also a look in the rearview mirror. The fact remains that somewhere along the way the momentum will give way and the labor market will slow down. For that matter at some point we're going to face a recession once again. The good is there's zero indication we need to be worried about those less pleasant thoughts anytime soon. In fact, it's quite the opposite.
After breaking below 4% unemployment for the first time since 2000 – we just set a new record that's a great sign for continued employment success. We have a record number of job openings, 6.6 million, according to the US Labor Department. Now, not all openings result in hiring but it's notable that just as unemployment has reached a recent milestone low, the desire to hire is only picking up. This is a sign of an economy that's still gaining momentum. That's pretty exciting to think about with a near 3% growth economy with 3.9% unemployment. What's more is that businesses of all shapes and sizes are looking to hire more.
It's not unusual for highly specialized professions to have shortages of skilled talent and openings that remain open for prolonged periods. That's still the case but where's the biggest surge of openings coming from? Small businesses. In fact, half of all small businesses are reporting that it's hard to find enough talent for their growing businesses. While frustrating for small businesses looking to hire faster it's a terrific sign for our economy and it's also timely for many younger people looking for summer jobs and especially for soon-to-be grads looking to start a career.