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Report: Nearly 2 jobs open for every unemployed American

The latest data from the Labor Department shows there are 11.2 million job openings.

A new government report shows hiring remains strong. 

On Friday, the U.S. Department of Labor said the economy added 315,000 jobs in August. That's less than previous months, but a strong number historically.

The unemployment rate actually rose to 3.7% because more Americans are now looking for a job. 

"It could be someone who retired during the pandemic and now is unretiring. It could be someone who didn't feel that it was safe to venture out in public to get a job previously because of COVID, feels a little more safety now," says Bankrate Senior Economic Analyst Mark Hamrick.

There are plenty of jobs available. The latest data from the Labor Department shows there are 11.2 million job openings.

"It is the fact that it's close to two jobs that are open compared to every single unemployed American in this country," Hamrick says.

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A number of industries are looking to fill critical positions, especially in education. School districts need bus drivers, crossing guards, and teachers.

"I think it's just indicative of the job market as a whole. I mean we're searching for workers like every other business," says Matt Wenthe, Director of Human Resources at the School District of La Crosse, Wisconsin.

Economists say the strong job market shows the economy is not nearing a recession even though overall economic growth is slowing, and inflation remains high. Last week, Federal Reserve Chairman Jerome Powell said the Central Bank will remain aggressive in fighting inflation.

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"The Fed still believes it has a lot of work to do because prices are still high. The cost of shelter that includes rent and mortgage payments still high, and of course the cost of food is still high" Hamrick says.

The Fed is expected to continue raising interest rates in an attempt to slow down rising prices. The next rate hike could come when the board meets again on September 21.

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