Unemployment Lowest in Nearly Two Decades
June 2018The U.S. labor market has surpassed expectations yet again, according to the U.S. Labor Department non-farm payroll added 223,000 jobs in May.
The increase in job openings has further pushed the unemployment figure down to 3.8%, the lowest in it has been since 2000. The labor department is now reporting that there are more job openings in the U.S. than people to fill them, there is an estimated 6.7 million job openings at the end of April with an estimated 6.3 million unemployed.
While the unemployment figure is indicative of a roaring economy, some employers are beginning to feel the strain. A tight labor pool has made it increasingly difficult for employers to fill open positions with adequate candidates. Many employers are facing a pool of unqualified people to work and in turn have begun to increase wages and incentives to attract more qualified individuals.