The Bureau of Labor Statistics’ (BLS) latest JOLTS Report showed very little movement in the labor market from March 2019 to April 2019. The month of April resulted in an increase of job openings by 4.7 percent, totaling 7.4 million openings. However, with only 5.9 million people seeking work, there are 1.63 million more job openings than available workers to fill them, the largest gap ever recorded. Below is a brief summary of the BLS’ latest JOLTS Report.
June 2019 JOLTS Report:
- Job Openings: 7.4 million
- Hires: 5.9 million
- Total number of people who left their jobs: 5.3 million
- Voluntarily: 3.5 million
- Involuntarily: 1.8 million
The Labor Market is Still Roaring
The recently released May 2019 Jobs Report revealed the addition of 75,000 jobs over the month of May. On the downside, this number missed projections by about 100,000 jobs, but the upside is shown through unemployment statistics. The unemployment rate has remained low at a rate of 3.6 percent. As a result, May was the 15th straight month of the unemployment rate at or below 4 percent. As of May, there are only 5.9 million unemployed Americans. The number of quits, layoffs, and discharges was stagnant throughout this quarter.
The labor market is steady with little change from month-to-month. And over the previous 12 months prior to April, hires totaled 69.6 million and separations totaled 66.8 million. This illustrates a steady and consistent market with more hires than people leaving their jobs. Furthermore, hires increased by 217,000 for private employment with the overall hiring rate sitting at 3.9 percent. Additionally, the good news for new hires is that wages are also positively trending, with an increase in average hourly wages of $0.06 for a total of $27.83 an hour in May.
Get the Right Help for Your Team
To summarize, the labor market reigns consistently competitive. With a slight decline in job growth this month, it may be time to expand your reach in today’s candidate-driven market. Thus, pairing up with a JSG recruiter to find talented and qualified individuals could be the solution to filling and retaining your organization’s critical roles. Reach out to a JSG recruiter today to optimize the trends of the labor market!