America has never had more job openings – 6 million nationwide. Yet actual hiring is down –5 million nationwide, based on data from April, just out.
So what gives? A big factor is so-called full employment, which to economists is any jobless rate below 3%. The thinking is, at 3% unemployment, everybody who wants a job, and is qualified for a job, has got one. Some people are out of work because they’re holding out for better jobs. Some need wages sufficient to hire a sitter so they can go to a job. Some lost a good-paying job and need time to embrace the idea their next job will pay less.
And then there’s the immigration factor. Federal law limits visas that can be given to foreigners hired to work in America. Tech companies say Americans often don’t have the skill sets they need.
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