President Trump’s economy continues to soar: a new report released on Tuesday from the Labor Department stated that in July, U.S. job openings jumped to a new record and the biggest share of workers since 2001 quit their jobs.
As Bloomberg reported, “Job postings exceeded the number of unemployed people by 659,000 in July, the most in data back to 2000. Along with the number of quitters, the gap helps explain why wages rose in August at the fastest pace since 2009, as employers struggle to find qualified workers and Americans become more confident in leaving their jobs for better pay elsewhere.”
The quits rate increased substantially because the share of private-sector employees deciding pastures were greener elsewhere climbed to 2.7%, the highest since 2001. Federal Reserve Chairman Jerome Powell pointed out that the quits rate suggested the economy is near full employment.
The National Federation of Independent Business (NFIB) reported that 38% of U.S. small businesses could not fill their job openings in August; that was the highest percentage since 1973. The NFIB also stated that its Small Business Optimism Index jumped to 108.8 in August, the highest level ever recorded in the survey's 45-year history.