US Jobs Exceed the Unemployed by 1 million
Updated: Oct 21, 2019
According to Labor Department statistics, the number of US jobs now exceed the unemployed by 1 million. In other words, there are significantly more jobs that need to get filled than people without jobs to fill them.
"U.S. employers posted nearly 7.6 million open jobs in January, near a record high set in November, evidence that businesses are still hungry for workers..." notes the AP. The unemployment rate shrunk to 3.6%--which is the smallest amount since December 1969.
At the same time, the Labor Department found that more people are quitting their jobs now. Roughly 3.5 million people reportedly quit their jobs in January, which is nearly a 3 percent jump from the previous month. This is considered a sign of a healthy economy, as people often leave companies for better opportunities. But it also puts more pressure on companies to fill the talent void quickly, with essential responsibilities to keep the business afloat and growing.
What does this all mean for recruiting? Translation: it's a sign that recruiters need to work even harder to attract top talent, with more supply than demand. And companies need to offer and better market a positive culture, with greater perks, comprehensive benefits, and more competitive compensation. It's also a great time to start searching for new jobs, with plenty of options available!