Bryanna: It’s been nine years since the great recession and the U.S.economy is growing. Greg Lesko of Lesko Financial says one big improvement is in the job market.
Greg: For the first time ever, the number of job openings in the U.S. is greater than the number of unemployed Americans. In April, job openings rose to 6.7 million the highest number since the labor department began keeping records. Contrast that with July of 2009, when the U.S. had just begun recovering from the recession. At that time, there were nearly seven candidates for every job opening.
Bryanna: Are wages also improving?
Greg: There seems to be a lag time before any benefit to wages. Currently, workers who switch jobs are seeing more money and better benefits. But those who remain in their jobs aren’t yet. But if there are more job openings than those looking for work, companies will have to start offering higher pay and more benefits to attract the workers they need. As this occurs, many companies will also be compelled to offer more just to keep their current workers happy.
Bryanna: Some Americans are still having a tough time getting a job.
Greg: One problem is mis-matched openings and workers. It can be simple geography companies with openings may not exist in the same part of the country where there are people seeking work. And part of the mis-match may also be in skills. The largest number of openings in this country are for trained medical personnel and highly-skilled trade jobs. Those looking for work should explore programs to help them get the training they need to take advantage of this expanded job market.