The results are in, and the latest JOLTS Report from the Bureau of Labor Statistics shows that the labor market is still standing strong. The number of job openings showed little change on the last business day of July 2019, with 7.22 million job openings. However, one thing to notice was the significant jump in the number of hires throughout the month (6 million). With a consistent amount of job openings coupled with another recording-breaking quit rate (2.4 percent), workers are gaining more and more confidence to enter today’s active labor market. Check out our summary of the latest BLS’ latest JOLTS Report.
September 2019 JOLTS Report:
- Job Openings: 7.22 million
- Hires: 6.0 million
- Total number of people who left their jobs: 5.8 million
- Voluntarily: 3.6 million
- Involuntarily: 1.8 million
The Job Market Keeps Going Strong
Over the second half of the year, the labor market is still holding firm. The number of job openings declined from 7.3 million to 7.22 million; however, the number of hires jumped to over 6.0 million during the month of July. And over the last twelve months, the net employment gain equals a total of 2.6 million hires. And if you pair that with the latest Jobs Report that pumped out an increase of 130,000 jobs, this positive trend appears to be continuing into the Fourth Quarter.
Additionally, the unemployment rate has remained consistent through the second half of 2019. The unemployment rate has been 3.7 percent for the last three months, and in the previous 18 months, it’s held under 4 percent. If you combine that with an all-time high quit rate of 3.4 percent (3.6 million voluntary quits), the outlook for the labor market looks optimistic. An increase in quits illustrates that workers are confident in the labor market and are choosing to quit their current roles in the search for better opportunities.
If that isn’t enough proof for you, the average hourly wages of U.S. workers keeps climbing month after month. In August, hourly wages rose by $0.11 to $28.11. Over the past 12 months, wages have increased by over 3.2 percent. This is making the job market more attractive for passive candidates, and thus, will likely increase the quite rate as we head into Q4.
How to find the talent your team needs?
As you’ve probably experienced first-hand, the labor market is strong and doesn’t appear to be slowing down as we inch closer to 2020. If you are like the majority of employers in today’s market, it can be difficult at times to attract new talent to your organization. If you need help navigating this candidate-driven market, don’t go at it alone. After all, the cost of vacancy keeps climbing the longer you have critical positions open. So, partner with one of our recruiters today to ensure your roles get filled quickly and you don’t experience any production hiccups.