Just because the U.S. economy has slowed doesn’t mean companies have stopped hiring or people have given up looking for work. Far from it.
Americans still think plenty of jobs are available and companies are offering better pay as they compete for a shrinking pool of available labor, new study by the New York Federal Reserve shows.
The Fed study is the latest proof the jobs market continues to sizzle. The rate of layoffs each week — known as jobless claims — fell below 200,000 earlier this month for the first time since 1969. The economy also added almost 200,000 new jobs in March after a feeble 33,000 gain in February, keeping the unemployment rate at 3.8%.
The New York Fed has regularly questioned 1,000 people nationally over a one-year period — both those with and without jobs — to get a sense of their employment status and search for work. Some new participants are added each month and others rotated out.
A little over 24% said they had looked for a job in March, up from 22.6% last fall.
One-quarter of the respondents (25.7%) said they expected to receive at least one job offer in the next four months — the highest level since the survey began in 2014.
“The increase was most pronounced for respondents without a college degree,” the Fed said.
Adding to the evidence of strong demand for labor, the average full-time salary offer jumped 14% to $66,415 in March from $58,035 last November.
The increase should be viewed with some caution since it’s a particularly up-and-down number, but it is the highest number the regional