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The number of job openings in the United States hit a record high in December as US employers posted 7.3 million openings.
The US Labor Department announced its monthly Job Openings and Labor Turnover Survey, (JOLTS), for December showing an uptick of 169,000 over November. The 7.3 million job openings marked the highest level since the JOLTS record-keeping started in 2000.
Job openings in December jumped 2.4 percent, according to the Labor Department.
Due to the security of job prospects, about 3.5 million people quit their jobs. This is a marker of a healthy job market and the number has remained stable.
With unemployment at a low of 4 percent, and a robust availability of jobs – it could mean that businesses may be forced to offer higher pay to attract high quality workers.
The average hourly pay rose 3.3 percent in December, which is the best pay gain in almost a decade. Currently, compared to January of last year, the average hourly pay rose 3.2 percent.
Analysts suggest that competition could push the pay raise up to 4 percent.
The forecast for job openings for the upcoming year expects jobs to decrease as people are hired, which simultaneously, should drive down unemployment.
Typically, job openings are being filled within 1 to 2 months.
Analysts expect that as we go deeper into 2019, job gains should slow by about 150,000 per month, driving down unemployment, as workers become more scarce.
The number of unemployed people in the US for December was around 6.3 million.
Nonfarm payrolls are expected to increase by 304,000 in January. If so, this will be the largest gain since February 2018
