US Job Openings Hit 7-Year High, Up to 4.6 Million in May
Job openings in the U.S. have hit the highest level in seven years.
According to the Department of Labor, more than 4.6 million job openings were available during May, an increase from 4.5 million during April. The Department of Labor noted the last time so many employment opportunities were open was June 2007. Although over 4.6 million jobs were available, the hiring rate has not changed from recent monthly figures. The Department of Labor, however, revealed approximately 4.7 million people started new jobs, which is down from 4.8 million from the previous month.
The Department of Labor's latest data was based on a monthly report known as the Job Openings and Labor Turnover survey, which aims to monitor the number of Americans who have quit, been laid off or were hired for a new job each month. The survey aims to supplement the monthly unemployment figures released by the Department of Labor. The unemployment rate, including June, is 6.1 percent.
The number of people voluntarily leaving their jobs has increased. The latest survey data showed more than 2.5 million people quit their job during May, which is the most since mid-2008. In comparison to the Great Recession, an average of 1.6 million people quit their jobs per month in 2009, which is actually lower compared to the 3.1 million in 2006.
According to U.S. Secretary of Labor Thomas Perez stated job growth increased by 200,000 jobs for the fifth-consecutive month, and it was the most total jobs added during the first half of 2014. The Economic Policy Institute noted the start of the year had four million job openings, but there were 10.2 million job seekers.
As Latin Post reported, the while the overall unemployment rate decreased, the rate for the Latino population increased. Based on June's Department of Labor statistics, the Latino unemployment rate increased from 7.7 percent to 7.8 percent for June. Two million Latinos are listed as unemployed in June. Meanwhile, 23.4 million Latinos over the age of 16 are either employed or "temporarily absent" from the jobs. Overall, 25.4 million Latinos have been involved in the civilian labor force.
The National Council of La Raza's Catherine Singley Harvey stated the method to determine the unemployment rate is an "imperfect measure" since it fails to calculate workers who are "not employed at their full potential or who are detached from the labor market but still able to work."
"It is useful, therefore, to measure underemployment, which includes individuals who are out of work, working part time but prefer full-time work, or gave up searching for a job but are still available to work," added Harvey.
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