This chart shows the number of unemployed persons per job opening in the United States. IBT / Statista

The number of job openings in the United States dropped to an 11-month low of 7.1 million by the end of February, according to new figures released by the U.S. Bureau of Labor Statistics this week. Despite the 538,000 declines in job openings, the number of unfilled positions still exceeded the number of jobless, which stood at 6.2 million in February, according to the BLS.

The number of job openings has now continuously exceeded the level of unemployment in the U.S. since March 2018, indicating high demand for labor, especially in the private sector where 6.4 million positions were unfilled at the end of February. The fact that qualified workers are a scarce resource these days should benefit workers, as the normal reaction to demand exceeding supply is rising prices, i.e. wages.