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Fresh data shows US jobs market tightening

Published on Aug 13, 2014 12:55 AM
 

WASHINGTON (REUTERS) - The share of unemployed Americans competing for each open job hit a six-year low in June, suggesting a labour market tightening that could give way to faster wage growth.

The Labour Department's monthly Job Openings and labour Turnover Survey released on Tuesday gave an upbeat assessment of the job market that could sharpen the debate on the timing of the first interest rate increase from the Federal Reserve.

The number of unemployed job seekers per open job fell to 2.02 in June, the lowest level since April 2008. The ratio was at 2.14 in May and is now below the average from 2002 to 2006.

"It reflects a jobs backdrop that continues to tighten on the supply side. There is not enough qualified supply out there to fill the job openings that exists," said Jacob Oubina, a senior US economist at RBC Capital Markets in New York.

 
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