The Bureau of Labor Statistics’ (BLS) latest JOLTS Report showed very little change in the labor market from April to May. The job openings rate edged down to 4.6 percent with a total of 7.3 million job openings. However, there were more than 1.6 million more job openings than people seeking work (5.7 million). Check out our summary of the BLS’ latest JOLTS Report.
July 2019 JOLTS Report:
- Job Openings: 7.3 million
- Hires: 5.7 million
- Total number of people who left their jobs: 5.5 million
- Voluntarily: 3.4 million
- Involuntarily: 1.8 million
The labor market remained competitive through the first half of 2019
After hitting an all-time high in late 2018, job openings have been consistent throughout the first half of 2019. This is illustrated by the BLS’ recent Jobs Report that reported a gain of 224,000 jobs in the month of June, far surpassing economists’ projections. 59,000 more jobs, to be precise. Additionally, the unemployment rate has been consistent throughout the 2nd Quarter of the year. Last month, the unemployment rate ticked up from 3.6 to 3.7 percent. This slight shift from May to June paired with last month’s strong job gains illustrates that more candidates are re-entering the labor market.
The job market has been consistently growing over the last year. Throughout the past 12 months, total hires have amounted to 69.5 million and separations equal 66.9 million. Therefore, yielding a net employment gain of 2.6 million jobs. Moreover, wages continue to climb as the labor market gets more and more competitive. In June 2019, hourly wages increased six cents for a grand total of $27.90. Once again, this emphasizes that the labor market is holding strong as employers are having to increase wages to attract (and retain) talent.
Get the Right Help for Your Team
Throughout the first two quarters of 2019, the labor market was consistently competitive. With a slight decline in job openings this month, it may be time to reach out for help. Partner with a recruiter from Johnson Service Group and receive the help your team needs to navigate today’s tight labor market!