The Bureau of Labor Statistics’ (BLS) latest JOLTS Report trampled expectations with the addition of 7.5 million job openings on the last day of business in March. Throughout the month of March, job openings increased by 346,000, marking a job openings rate of 4.7 percent. Here is a brief summary of the BLS’ latest JOLTS Report:
- Job openings: 7.5 million
- People hired: 5.7 million
- Total number of people who left their jobs: 5.4 million
- People who voluntarily quit their jobs: 3.4 million
- People who involuntarily left their jobs: 1.7 million
The labor market is still roaring
Today’s market is still very much candidate-driven. The April 2019 Jobs Report was released last week and we saw job gains of 263,000 over the month. And over the last three months, job gains averaged an impressive 169,000, even after a more “disappointing” February. As of March, the number of job openings increased by 346,000 from the prior month and there are only 5.8 million unemployed Americans.
In other words, there are more vacant positions than available workers to fill them. Pair that with a wildly unexpected GDP of 3.2 percent for the first quarter of 2019 and the labor market is looking strong. As a result, many employers are still struggling to fill their vacant positions. Candidates have options (and lots of them). In fact, March was the 13th consecutive month of available jobs outnumbering the number of people out of work and actively searching for new opportunities.
Don’t be afraid to get some help
The labor market remains competitive. It can be challenging to find qualified candidates to fill your roles. However, if you team up with a recruiter, like one from JSG, we can help alleviate this problem for your organization. If you’re struggling to find the talent your team needs, reach out to us. Let’s work together to ensure you’re finding the candidates your organization has been searching for.