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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.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.