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In January 2024, there were a total of 6,124,000 unemployed people and 8,863,000 job openings in the United States, yielding a ratio of 0.7 unemployed person per job opening. The national job openings rate was 5.3 percent. Maryland and North Dakota were among the states with the lowest numbers of unemployed people per job opening with 0.3 person each. Maryland had one of the highest job openings rates in the nation at 7.4 percent. The job openings rate in North Dakota was 5.6 percent.
read full article »Total employer compensation costs for private industry workers averaged $43.11 per hour worked in December 2023. Wages and salaries averaged $30.33 per hour worked and accounted for 70.4 percent of employer costs, while total benefit costs averaged $12.77 per hour worked and accounted for the remaining 29.6 percent.
From January 2023 to January 2024, nonfarm payroll employment increased in 59 metropolitan areas, decreased in 3 areas, and was essentially unchanged in 327 areas. The largest percentage gain occurred in Madera, California, at 6.6 percent. Employment in the area rose from 41,200 in January 2023 to 43,900 in January 2024, or +2,700.
The Producer Price Index for final demand increased 1.6 percent from February 2023 to February 2024. Prices for final demand goods rose 0.3 percent over the year, while final demand prices for services rose 2.3 percent.
Real average hourly earnings rose 1.1 percent from February 2023 to February 2024. Real earnings are earnings that have been adjusted for changes in consumer prices. The increase in real average hourly earnings combined with a decrease of 0.6 percent in the average workweek resulted in a 0.5-percent increase in real average weekly earnings over this period.