As we have been reporting for the last 2 years or so, the demand for workers has never been stronger. Companies are hiring left and right and they are basically hiring any person with a pulse who can get out of bed and show up! Almost every single statistic and data point confirms this, including the latest September 2018 unemployment report which shows the unemployment rate is at a 39 year low!
The long term unemployed are getting work, the unemployment rate for minorities is at an all time historic low, senior citizens are back in the work force, former convicts are getting hired, and there are now more “open”/unfilled positions than Americans who out of work. That in effect means that every American who is not working today can in effect get more than 1 job at the same time…that is how much work is available out there. It is quite incredible and this type of job market has not been seen for ~40 years. It is a once in a generation/lifetime situation.
Here are some of the key September 2018 data points:
• JOLTS report shows 6.9 million available jobs in the US, yet there are only 6.2 million Americans not working. So there are more open jobs than Americans to work them! This is the highest ration of open positions to Americans ever.
• The September 2018 BLS unemployment report shows the nation’s unemployment rate is 3.7%.
• Institute for Supply Management (ISM) September 2018 non-manufacturing employment index is at a record high, and this index accounts for about 80% of the US job market and includes all “non-manufacturing” jobs so positions such as finance, health care, office workers, service jobs, etc.
• The unemployment rate for almost every gender, demographic and age group is at a record low or just off it. Asian unemployment at 3.5% (record low), that for adult men (3.4%), adult women (3.4%), Black unemployment rate at 6% (just off record low), Hispanics (4.5% record low), black teenagers (record low)etc..
The data goes on and on. Multiple private survey and government report all show the same thing….the job market is on fire and wages are continuing to increase.
We still sometimes get emails from people who say they can’t find any type of work. While like almost everything in life, as I am recently and constantly reminded the devil is in the details, at a high level we find this hard to believe. Employers are not just hiring left and right, but they are also investing into training people, starting trade schools and apprenticeships, and taking countless other steps they can get to workers. If you truly are out of work, talk to recruiters or use a free government job center. As there are literally millions of good paying jobs out there in all parts of the country.
All of this is great news for Americans. A strong job market, with higher productivity, all lead can help people bring in more money for their families. Maybe this strong job market will even close the gender gap, in which women only get about 80 cents of the dollar as men (with certain demographic groups even getting less than 80 cents to the dollar).
Now if people just lived within their means, saved, invested, do not show lifestyle creep, etc. Americans should hopefully start to build a solid financial future. As the job market that is in effect today does allow it.