Ratio of unemployed Americans to available jobs hits record low
The ratio of unemployed Americans compared to the number of available jobs has hit a record low, the Bureau of Labor Statistics announced Tuesday. The data reported in the Bureau’s Job Opening and Labor Turnover Survey, which boasts the record-low ratio, shows the current economy’s strength.
The report showed a ratio of 0.9 unemployed workers compared to every job vacancy listed in the month of September. This means that there are more open jobs than there are unemployed Americans. Such data is highly unusual. In comparison, during the peak of the 2009 recession, there was just one open job for every six unemployed Americans.
Specifically, the Bureau reported there were 7.01 million job openings on the last business day of September, compared to the 5.96 million unemployed Americans actively looking for work.
The report additionally revealed that the total number of job openings is declining from the record 7.3 million open jobs in August. The number of hirings also increased to 5.7 million, a near-record.
Finally, the report indicated that the unemployment rate remained at the 49-year low of 3.7 percent with a growth in job pick ups, the most since 1969.
It is unique for an economy to have such strong numbers yet to see unusually low presidential approval ratings. Typically, presidential approval is directly tied to the economy’s strength and the level of unemployment. Democrats are continuously spinning the message that the economy’s strength is not directly related to President Donald Trump’s actions, saying instead that former President Obama’s budget is in play. But so long as the economy continues growing under President Trump, it will become more difficult to deny that his rhetoric and trade policy has played at least some role in continuing the already-strong economy’s growth.