The latest figures from the Bureau of Labor Statistics shows that there are now 6.7 million job openings in the U.S. and 6.35 million people counted as unemployed — making 2018 the first year on record that the U.S. has had more available jobs to fill than people looking for jobs.

The big picture: Axios Future Editor Steve LeVine points out that the labor force participation rate has fallen steadily over the past decade, and now sits at 62.7%. So while it looks like there are more unfilled jobs than available workers, in fact millions of working-age Americans are not currently employed. That is one speculative reason why wages have remained flat despite the skills and worker shortage.