Published By : 25 Nov 2013 | Published By : QYRESEARCH
These reports could bring about some much-needed good news to the U.S. jobs market ahead of the impending festive season. According to data furnished by the Labor Department in Washington, job openings in the United States reached a five-year peak in September 2013. This aspect also indicates that employers had confidence in demand even in the face of the federal government shutdown.
According to figures furnished by the Labor Department, vacant positions in the U.S. rose to 3.91 million-an increase of 69,000 from May 2008-in September 2013. Data also indicates that the speed of hiring improved during this period.
A boost to the job market would drive a growth in wages, in turn boosting consumer spending that comprises over 70% of the economy. Last year, the average number of people hired between January and October was 173,000 whereas the same figure this year has gone up to 186,000.
Observing this trend, senior U.S. economist Brian Jones said that the state of things is “genuinely getting better.\"
Critical data such as the Job Openings and Labor Turnover is closely monitored by Janet Yellen, the Federal Reserve Chairman nominee.
Data also showed that payrolls expanded by 204,000 workers in October 2013. However, the jobless rate grew by 7.3% in October 2013 with the 16-day government shutdown forcing as many as 800,000 federal employees to go on a furlough.
Data suggests that the highest number of jobs were created in the construction sector, business and professional services, utility sector, transportation and trade sectors. Meanwhile, in anticipation of the impending holiday season, companies are adding on to their workforce to brace for the hectic retailing activity.