WASHINGTON, D.C.– The U.S. labor market has hit a record high under the first six months of the Trump administration, according to a report by the labor department issued on Tuesday.
According to the July Job Openings and Labor Turnover Survey, or JOLTS, job vacancies rose by 461k, the most for a single month’s time in almost two years, to 6.16 million with a majority of the jobs in demand being in the health care and social assistance industry and for professional and business services. Further, in the per annum through June, the economy created a net 2.3 million jobs, representing 63.4 million new hires.
July figures released last week document also documented that payrolls increased more than forecast while the unemployment rate matched a 16-year low.
Indeed, as the surge of employers pleased with the incentives offered by the Trump administration again begin recruiting after years of hiring freezes, the danger shifts, say experts, from a slumping job market to too many jobs and not enough vacancies to fill them.
“Companies are running out of workers to hire to do the job or even train to do the work, and this is a ticking time bomb for economic growth,” Chris Rupkey, chief economist at MUFG in New York told Reuters (https://www.reuters.com/article/us-usa-economy-jobs-idUSKBN1AO1OP).
Coinciding with the JOLTS report, a July National Federation of Independent Business report showed showed job openings at a 16-year high. Economists excited over the latest trend say they have every reason to believe the surge in job creation to continue under the Trump administration.
“The JOLTS report continues what has been a reasonably strong run for the labor market data, and we expect continued improvement in the job market to keep upward pressure on wages,” Daniel Silver, an economist at JPMorgan in New York told Reuters.
Even critics of the Trump administration have come forward to praise the most recent job numbers.
“Kind of an all-around strong headline number,” said Tony Bedikian, head of global markets at Citizens Bank told MSNBC (https://www.cnbc.com/2017/08/04/us-nonfarm-payrolls-july-2017.html). “More people are coming into the labor force and finding jobs. It’s difficult to find anything really negative in the report.”