WASHINGTON — U.S. employers posted the most jobs in two decades in August, and hiring also reached a record high, fresh evidence that companies are desperate to staff up amid solid economic growth.
Job openings rose a slight 0.8
The number of available jobs has swamped the number of unemployed for five straight months. Hiring has been solid, which has pushed down the unemployment rate to a nearly five-decade low of 3.7
President Donald Trump celebrated the report on Twitter, tweeting: "Incredible number just out... Astonishing! It's all working!" Trump added that the stock market was "up big" and referenced "Strong Profits."
Yet so far, pay raises have been modest. Average hourly earnings rose 2.8
It's a sharp turnaround from the Great Recession and its aftermath. In 2009, there were as many as six unemployed workers for each available job. Now, that number has fallen below one.
Employers hired roughly 5.8 million people in August, the report showed. That is also the most on record, but that increase partly reflects population growth. The percentage of the workforce that found jobs in August ticked up to 3.9
Job openings rose in August in professional and business services, which include mostly higher-paying positions in engineering, accounting and architecture, as well as temporary help. Postings in that category have jumped 27
Construction firms are also desperate for workers, posting 298,000 open jobs. That's nearly 39
Openings fell in August from the previous month in manufacturing, retail, and slipped slightly in hotels and restaurants.
Christopher Rugaber, The Associated Press