Job Opening Surges Surpass 10 Million For The First Time, But New Coronavirus Scare Dampens Celebration.

The U.S economy has received an all-time high job opening; reaching 10 million openings in June. This is the update from the Labor Department on Monday. This number is the highest record since the recent recovery from the coronavirus shutdown in August 2020.

The month of May had a record of 9.2 million openings, but the report from the final day of June showed 10.1 million as against the expectation from experts at 9.1 million. Experts say the increase was possible because the layoffs and discharge rates remained unchanged, a sign of increased employment and bargaining power for job seekers.

The industry topping the list of employers is leisure and hospitality with more than 1.6 million openings. The second being health care and social assistance standing at 1.5 million jobs. Also, Binance and several other crypto exchanges experienced increased transactions.

HR & Hiring Firms Are Optimistic 

Indeed Hiring Lab director of research Nick Bunker said, “Labor demand keeps getting stronger. This is the third straight month of record-breaking job openings. The quits rate is also close to its all-time high, set just two months ago in April. This wave of demand will eventually recede, but job seekers should ride it until then.”

Even if the unemployment rate had refused to fall below 5%, many have experienced immense difficulty getting their job opening. There was more hiring during the summer after some disappointing results earlier on.

The current statistics place the number of potential employees looking for jobs is 8.7 million, which implies more job openings than potential workers.

This level of job openings comes even after some states recently stopped the employment benefits for the pandemic.

Biden refuses to celebrate

President Joe Biden resisted the urge to take a victory parade after seeing the stats for the record number of jobs. Instead, he decided to send some warnings about the rising covid cases which pose new threats to economic recovery.

Biden’s message read, “My message today is not one of celebration. It is one to remind us that we have a lot of hard work left to be done, both to beat the delta variant and to continue the advance of our economic recovery.”

The new covid strain is said to be more contagious than other variants. According to the Bureau of Labor Statistics, Nonfarm payrolls increased by almost a million while unemployment dropped by 5.4%. This data was the best since August 2020.

Hospital emergency rooms have been filling up in different parts of the country while schools and large companies have postponed reopening because of the increased covid cases.

In a bid to stem the tide of the new wave, Biden’s administration has announced the plan to add covid vaccine as one of the mandatory vaccines for U.S service members.

However, in trying to comment on the economic recovery, Biden referenced the Wall Street analysis, something he hasn’t done in a while; he said, “What we’re doing is working, don’t take my word for it. The forecasters on Wall Street project that over the next ten years, our economy will expand by trillions of dollars and will create 2 million good-paying jobs.”