The Labor Department reported on Tuesday that there were 11.2 million job openings at the end of July as employers competed to hire a limited number of available workers.
Reshoring Initiative founder Harry Moser provides insight on the manufacturing job growth on 'Making Money with Charles Payne.'
The Labor Department said Tuesday that there were 11.2 million job openings in July, up from the previous month's upwardly revised 11 million. has topped 10 million for 12 consecutive months; before the pandemic began in February 2020, the highest on record was 7.7 million.
Meanwhile, the number of Americans quitting their jobs fell to 4.18 million, or about 2.7% of the workforce – below the high of 4.5 million recorded earlier this year, but well above the pre-pandemic level of about 3.6 million. Hiring also declined, falling to 6.38 million. The data emphasizes how businesses are continuing to grapple with a labor shortage as workers quit their jobs in favor of better wages, working conditions and hours – a new trend dubbed the "Great Resignation." However, the result has pushed inflation higher: Americans' incomes are rising across the board as employers ramped up hiring to offset the losses and woo potential workers with pay increases.
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