Economy on the Rebound - 6/22/15
The Bureau of Labor Statistics began monitoring monthly job openings in December two thousand, about fifteen years ago. The Bureau recently indicated that there were five point four million job openings in the U.S. in April, a record for this data series. This represents yet another indication that the economy is, in fact, rebounding and that the winter slowdown was a mere blip.
As reported by CNNMoney, over the past year, healthcare and business services have supplied the most job openings. The pattern continued into April with healthcare producing another batch of job openings. Eventually, most of these economy-wide job openings will translate into hiring and job growth. Employers appear to be having greatest difficulty filling job openings in the West, home to rapidly expanding states like California and Utah.
Unemployment nationally stands at five point five percent, down from six point three percent this time a year ago. In another encouraging sign, roughly two point seven million people voluntarily quite their jobs in April. Many of these people quit for better jobs, an attribute of an improving labor market. Many of these people will have more money to spend going forward, which will also help support the ongoing economic recovery.