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Home / Business / America has a record 7.1 million job openings, making it a special time to ask for a raise.

America has a record 7.1 million job openings, making it a special time to ask for a raise.



The United States has a record number of job openings the Labor Department released Tuesday.

President Trump celebrates the news, tweeting "Incredible number just out, 7,036,000 job openings. Astonishing – it's all working! "The president made a slight typo in his tweet. The actual figure of the United States had 7,136,000 job openings in August, which is even better than Trump said on the record since the Labor Department began keeping track of this data in late 2000.

The nation now has more than One job opening for every unemployed person, a dramatic turnaround from the Great Recession, when there were more than six unemployed people for every job on offer, the Labor Department said. Unemployment was at 3.7 percent in September, the lowest level since 1969.

Economists and employment experts say now is an ideal time for workers to look for a new job or ask their current employer for a raise or promotion, as so many businesses

"If you are thinking of quitting, go to your boss, and I bet they give you big money to stay. Try it, you've got nothing to loose, "wrote Chris Rupkey, chief financial economist at MUFG Union Bank in a morning note to clients. He called this "one of the biggest mismatches in history between help wanted and labor available."

Jerome H. Powell has made it "extraordinary" – but wages are still growing slowly.

The wages were routinely growing around 4 percent or more. In August, growth hit 2.9 percent – the highest in nine years, but still disappointing by historical standards.

Economists keep predicting wages will rise since it is more and more difficult to find workers, but many employers have opted


(BLS)

Some say the decline of unions and erosion of workers rights is making it harder for employees to ask for more. Business leaders often point out the cost of health care has risen sharply so the money that has gone for a traditional raise has been going to pay for that.

"If you're looking for a job, the strong August JOLTS report suggests you have more negotiating power than you might think, "Indeed Hiring Lab economist Nick Bunker said," The number of Americans stuck in part-time jobs who want full-time. "

Many employees say they are" underemployed. " work still is not back to a pre-recession low.

For much of the recovery, people who switched jobs were more likely to get higher pay than those who stayed, according to Automatic Data Processing, the company that processes millions of Americans' paychecks. But that has changed lately.

Workers who stay in the labor force are now getting over the same pay bumps as job seekers, according to the latest ADP Workforce Vitality Report. This is especially true for workers 25 to 34, who said they are receiving more than 8 percent, on average.

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