Job Openings Exceed Number Of Actively Unemployed Workers

For the first time in nearly 20 years of existing records, the number of job openings, at 6.698 million in April, is exceeding the number of unemployed actively looking for work, at 6.346 million in April (subsequently falling in last week's employment report to 6.065 million in May).

And though 5.578 million were hired in April, the gap between openings and hires in today's JOLTS report, at 1.120 million, is the second largest on record next only to March's 1.147 million. This gap suggests that employers are having a hard time finding people to fill the jobs.

Today's report is a standout milestone of full employment that will capture the attention of monetary hawks whose focus is the risk of wage inflation.