Labor Department Reports Employers Have 3.74 Million Job Openings; Highest Since 2008, Before Recession
Washington, D.C. -
The US Labor Department has reported that employers are trying to hire 3.74 million new employees as of March, the highest level since July 2008, just before the global recession hit. That's the number of new positions employers have posted for job openings.
News of the figures have helped economist say the economy is growing and will pick up significantly this summer. It typically takes 1-3 months for a job to be filled.
Some analyst have speculated that it those jobs get filled, the nations unemployment will fall below 7.6%, the magic number the Obama administration is hoping for because no incumbent president has been elected with a higher unemployment rate.
Tuesday's report, known as the Job Openings and Labor Turnover survey, or JOLTs, showed that more people quit their jobs in March. More quits are a good sign because most people quit in order to move to a new job. Rising quits suggest workers are finding more opportunities in the job market.
Nearly 4.36 million people were hired in March, slightly fewer than in February. The JOLTs report measures gross job gains, while the monthly jobs reports are net figures that are calculated after subtracting layoffs and quits.
The unemployment rate has fallen a full percentage point since August to 8.1 percent last month - the lowest level since January 2009.