U.S. Sets Record High With 6.2 Million Job Openings
According to Labor Department data published Tuesday, job openings in the United States have reached a record high in July with 6.17 million job openings.
The job openings were split by sectors where manufacturing had around 400,000 openings, construction 232,000, education and health 1.1 million, finance and insurance 270,000 and retail 625,000.
To be fair, job openings in the U.S. have been on the rise for years, but the most recent report comes after President Trump’s decision to end DACA (Deferred Action Childhood Arrivals) program created by President Obama.
The White House argues that the decision to end the program, came from the concern that DACA allegedly takes jobs away from young Americans.
“I think that it’s a known fact that there are over 4 million unemployed Americans in the same age group as those that are DACA recipients,” Sarah Sanders, White House Press Secretary said on September 5.
Sarah Sanders echoed that 950,000 African Americans and 870,000 Hispanics in the same age group as DACA recipients were unemployed.
“Those are large groups of people that are unemployed that could possibly have those jobs.”
However, other economical experts were quick to weigh in on the decision to end DACA.
“The rhetoric from the Trump Administration isn’t matching the reality of this labor market,” Chris Rupkey, chief financial economist from MUFG Union Bank said.
“Any measures that try and cut back on immigration would be problematic for an economy that’s running at full employment and is actually running out of workers.”
Peter Boockvar, chief market strategist at the Lindsey Group, an investment firm said, “The demand for labor is there but finding willing and skillful warm bodies to fill them remains a challenge.”
With the latest report, there is the good and bad. The good is that there a tons of job openings available in the U.S. right now, but the bad is finding the people with the right skills to fill those positions.