With the release of September jobs numbers this week, let’s look back at the last few months. After falling in June and July, job openings rose in August. The labor market remains tight.
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Job openings were 9.6 million at the end of August, up 690,000 from July.
Businesses are still adding workers, and workers are still confident they can quit their jobs and find better ones easily.
Why it matters: As of the end of August there were 3.3 million more job openings than unemployed workers, 176,000 more than in July.
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Big picture: The trend of more job openings than unemployed workers is likely to remain. Policymakers can address this by:https://cutt.ly/6wWA9JC1
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Reforming legal immigration and securing our borders
Improving childcare availability for families
Revamping educational and job training opportunities
Removing barriers to entering the workforce
Dig deeper: The Chamber’s America Works Initiative is tackling these issues to help employers develop and discover the talent they need and advance economic opportunity.
Get up to speed fast on the latest developments in the U.S. economy.
Consumers are still spending, showing remarkable resilience. Retail sales rose 0.7% in September, coming off a strong 0.8% increase in August.
The strong jobs market and income growth that is on pace with inflation fuels spending.
Consumers using credit cards is also up.
Details: Big drivers of the gains in September were car sales, online purchases, and sales at miscellaneous retailers. Purchases at restaurants, bars, and gas stations were robust, too.
Big picture: A strong economy will keep consumers confident and spending. To strengthen the economy businesses need pro-growth policies that address the worker shortage and advance a bold trade agenda.
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Labor Force Can’t Grow Fast Enough to Fill Job Openings
October 11, 2023
The job market continued to sizzle in September with 336,000 new jobs created – the vast majority created by the private sector. Also, job gains for July and August were revised up a combined 119,000. Workers made more as well with wages rising 0.2%, up 4.2% annually.
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Why it matters: While the labor force continued growing, expanding by 90,000 in September, it’s not growing fast enough to fill millions of open jobs.
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Be smart: Finding more workers is critical for businesses to grow and compete. More legal immigration is part of the solution, along with helping Americans get in-demand skills and removing barriers keeping people from entering the workforce.
By the numbers: The top five industries that added jobs in September were:
Leisure and Hospitality: 96,000
Government: 73,000
Education and Health: 70,000
Wholesale and Retail Trade: 31,000
Professional and Business Services: 21,000
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The America Works Initiative is helping companies solve America’s workforce challenges.