00:00It's Benzinga, bringing Wall Street to Main Street.
00:03The U.S. labor market appears strong on paper,
00:06but millions of job openings may not be real, according to CNBC.
00:10Since early 2024, openings have exceeded actual hires by more than 2.2 million per month,
00:17suggesting widespread ghost jobs, according to Bureau of Labor Statistics.
00:21Data career expert Jasmine Escalera told CNBC that inflated postings mislead job seekers
00:27and distort data used by policymakers.
00:30U.S. job openings have fallen from over 12 million in March 2022 to 7.2 million in August,
00:36with hires at 5.1 million, bringing vacancies roughly in line with available workers.
00:41The openings-to-hire ratio has declined from 1.8 to 1 to about 1.4 to 1 in recent years,
00:47signaling a reduction in ghost job postings.
00:49The National Federation of Independent Business said 88% of small businesses report applicants lack needed skills.
00:56Job seekers are increasingly discouraged as finding new positions becomes harder,
01:00with the quits rate down over 30% since the 2022 Great Resignation Peak.
01:06For all things money, visit Benzinga.com.
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