The Bureau of Labor Statistics’ (BLS) latest JOLTS Report showed the labor market stayed extremely consistent from May to June. The number of job openings and hires illustrated little change with job openings remaining at 7.3 million and hires at 5.7 million. With this many job openings and a record-breaking 2.3 percent quit rate, candidates are more confident and comfortable than ever to enter the job market, seeking a new opportunity for a better position. Check out our summary of the latest BLS’ latest JOLTS Report.
August 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: 1.7 million
The Labor Market Remains Healthy and Competitive
The labor market has experienced minimal change in the second half of 2019. This is illustrated by the BLS’ recent Jobs Report that reported 164,000 job gains in the month of July, exceeding economists’ projections of 150,000.
Additionally, the unemployment rate has been fairly consistent. The unemployment rate experienced subtle growth in the previous months rising from 3.6 to 3.7 percent in July. This slight change, in combination with the 3.4 million people that voluntarily left their jobs in July, implies that people are choosing to enter the labor market because of the opportunity for career advancement today’s labor market currently provides.
Furthermore, the job market held consistent with 5.7 million total separations. In July 2019, overall employment began rising, thus providing an opportunity for career growth. Moreover, as the job market continues to grow, wage trends follow directly behind as employers must keep up with the market’s talent. Over the past year, hourly wages have increased by 3.2 percent; hourly wages rose by $0.08 in the last month alone. Thus, making the labor market more attractive to passive and active job seekers.
How Can You Successfully Navigate Today’s Market?
The second half of 2019 has been very consistent, setting the tone for the market to remain healthy in the coming months. With a slight increase in unemployment and consistency in vacancies, now is the perfect time to reach out for help. Partner with a JSG Recruiter to find top talent that your company needs in today’s competitive job market.