Wednesday, June 7, 2017

The Jobs Mismatch

U.S. job openings surged to a record high in April, but employers appeared to have trouble finding suitable workers. The Labor Department's monthly Job Openings and Labor Turnover Survey, or JOLTS, published on Tuesday also suggests that a recent slowdown in job growth could be the result of a skills mismatch.

Job openings increased 259,000 to a seasonally adjusted 6.0 million in April, the highest since the government started tracking them in 2000. The monthly increase was the largest in just over a year and pushed the jobs openings rate to 4.0 percent, its highest level since last July.

Hiring, however, decreased by 253,000 jobs in April. The gap between job openings and hiring points to a growing skills mismatch; a report from the National Federation of Independent Business last week showed the share of small business owners reporting job openings they could not fill in May was the highest since November 2000.

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