As of June, there were around 10 million jobs available. Previously, the number of jobs available peaked at 7.6 million in 2018.

In 2018, the unemployment rate was at 3.8%. Now unemployment is 5.4%. In a recent video, John Chang of Marcus & Millichap said that equates to roughly about 8.7 million people looking for work.

"Basically, there are nearly 1.4 million more jobs available than there are people looking for work," Chang says.

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Leslie Shaver

Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.