Job openings exceeds 10 million mark for first time ever, Department of Labor says

The number of jobs in the U.S. economy rose to more than 10 million in June, the highest on record as the U.S. market continues to recover from the recent economic drop, the Labor Department said Monday.

On the last day of June, 10.1 million jobs were open, according to the report, compared to 9.2 million in May. The economist Dow Jones surveyed an expected 9.1 million vacancies. The jump came with the rise in the closing price, as layoffs and the dismissal rate remained unchanged, reflecting the increase in bargaining power and employment opportunities for workers.

For industry, leisure and hospitality show one of the highest job offers of over 1.6 million. The Health and Social Welfare Office has 1.5 million vacancies.

The demand for Labor work continues to grow. This is the third consecutive month of record job opportunities, said Nick Bunker, director of research at Indeed Hiring Lab, said in a statement. The quits rate is also close to its all-time high, which was set just two months ago in April. This wave of demand will eventually retreat, but job seekers should let it run until then.

Although unemployment remains above 5 percent and the U.S. economy has millions of short-term jobs at pre-pandemic levels, many companies have reported that it is difficult to find workers. The rise in nominal wages, especially among non-senior executives, also points to a tighter labor market.

The Job Opportunity Survey was conducted before the release of the July Employment Report last week, which showed that the economy added 954,000 jobs. Hiring accelerated over the summer after some disappointments led for the first time this year.

The Labor Department said on Friday’s Job reports that there were 8.7 million Americans looking for work, meaning more jobs were open than potential workers. To be honest, improving economies and streamlining labor markets can get workers out of the margins and return to the workforce.

The high standard of Job openings also comes from the fact that some states have ended the additional unemployment benefits created during the pandemic to motivate Americans to return to work. The additional benefits will expire for the rest of the country next month.