There is some good news for the business sector coming out of the Labor Department today. Employers advertised more jobs in July than they ever have before - 5.8 million jobs, which is up from 5.3 million jobs. The previous high was just broken in May. According to USA Today, professional and business services added 122,000 openings; trade, transportation and utilities, 73,000; and leisure and hospitality, 69,000.
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Hires slipped a bit - from 5.2 million to 5 million, according to the Job Openings and Labor Turnover Survey. In a change of fate, employers were actually having problems filling spots in their businesses.
The number of people who quit their jobs was at 2.7 million. Quits actually indicate that a market is healthy because most people won't quit a job unless they have another one lined up or they have faith that they will have another one lined up.
In addition, there were just 1.4 unemployed workers for each job opening in July, down from 6.7 workers per opening in 2009.
Hourly earning growth is modest, around 2.2% annually.
The Federal Reserve is seeking signs of faster wage growth as it considers raising its benchmark interest rate for the first time in nearly a decade at its policy meeting next week.
Wednesday's report "might just take the (Fed) one step closer to raising rates at next week’s policy meeting," RDQ Economics wrote in a note to clients.
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In total, the report is very good heading into the end of President Obama's term. The increased discussion of a minimum wage increase hasn't scared away any employers from hiring people who are right for the job. July was likely to be a high because of the new college graduates coming onto the market.