According to the latest data from the Bureau of Labor Statistics Job Openings and Labor Turnover Summary, the number of open jobs in the United States blew past 10 million in June.
As businesses start to open once more and the economy begins to recover, employers are scrambling to fill job vacancies.
“The economy is reopening. Unfortunately, because of the supply-demand imbalance, with so many businesses opening up, the demand has exploded, whereas the supply will take longer to catch up,” said Sam Stovall, chief investment strategist at CFRA Research.
Additionally, the number of people quitting their jobs is also reaching all time highs.
Businesses are offering higher wages and more flexibility, but economists and market strategists say this isn’t all good news.