The Department of Labor (DOL) recently offered an optimistic look at employment rates in the U.S. According to the DOL, employers in the United States posted more job openings in July than any other month on record. Many analysts feel this could serve as an indicator of steadily increasing employment rates throughout 2017 and into at least early 2018.
More specifically, companies were looking to fill 0.9 percent more jobs in July than the previous month. This increase would equate to a total of 6.2 million jobs, the highest on record since 2000. Although employers are also hiring more workers, the DOL indicated that the increased number of postings seems to reflect a lack of qualified applicants or wage rates that are not commensurate with the job candidate's expectations.
This hypothesis would fall in line with longstanding concerns in the industrial sector. The highest number of job openings were posted in construction, manufacturing, and health care. While the increased number of medical positions is more closely tied to social dynamics, the construction and production job markets have long been mired in a skills gap that has driven both demand and wages up.
These increased employment opportunities also seem consistent with recent data from the Institute for Supply Management (ISM), who noted that manufacturing employment increased for the 11th consecutive month in August.
This growth in the overall job market represents the highest level of expansion since June 2011, which has helped propel the overall unemployment rate to its current value of 4.3 percent, the lowest level seen since 2001.