The number of job vacancies in the United States increased dramatically last year as businesses prepared for a busy summer season following the Covid vaccine rollout. Since then, the number of job postings has hit a record high, far outstripping the number of unemployed in the U.S.
Indeed, the latest data for March 2022 shows that there are currently 5.3 million more job vacancies than there are jobless individuals in the United States, setting a new record since December 2000.
Founder and CEO of Compound Capital Advisors, Charlie Bilello tweeted:
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“22 million US jobs were lost in March-April 2020. 20.4 million jobs have since been added back. The greatest jobs comeback in history is nearly complete.”
Nearly two jobs for every jobless American
Meanwhile, communications consultant Nick Hedley turned to Twitter to express his sentiments, stating that there are currently in essence two job openings for each unemployed person.
Furthermore, Hedley said that unemployment is so low that half of all small firms have job openings that they are unable to fill.
“The US added another 431,000 jobs in March. Unemployment is so low that half of all small businesses have job openings they can’t fill. Wages are being pushed up. ING expects 50bp Fed hikes in May, June & July. Graph shows there are 1.8 job vacancies for every jobless American”
More than 400,000 new jobs were created by companies in March, marking the 11th straight month of healthy employment growth.
During the last year, employers have created a record 7 million new positions, as the hiring cycle has re-ignited. These gains have been followed by an increase in inflation to levels not seen in more than 40 years.
These gains have been followed by an increase in inflation to levels not seen in more than 40 years. Some analysts believe that a combination of increasing interest rates, rising energy prices, and the situation in Ukraine may cause employment growth to slacken in the upcoming months.
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