The numbers are in, and the latest JOLTS Report shows that the labor market is still holding strong. On the last business day of August 2019, there was little change from the previous month, with a total of 7.1 million job openings. Additionally, the number of hires throughout the month was consistent (5.8 million). However, the most impressive statistic was a quit rate of 2.3 percent, just short of last month’s record-breaking number. In other words, confidence in today’s job market is still strong. Here is a summary of the October 2019 JOLTS Report from the BLS.
October 2019 JOLTS Report:
- Job Openings: 7.1 million
- Hires: 5.8 million
- Total number of people who left their jobs: 5.6 million
- Voluntarily: 3.5 million
- Involuntarily: 1.8 million
The job market is holding steady into the Fourth Quarter
As we head into the Fourth Quarter of 2019, there is no doubt that the labor market is stable. The unemployment rate just tied a 50-year low (3.5 percent), and throughout the year, monthly job gains have averaged 161,000 jobs. Additionally, the month of October is the most competitive month for hiring. In fact, 89 percent of hiring managers are filling their roles in less than four weeks.
However, hiring managers will continue to face challenges throughout their hiring process with a record low unemployment rate and a steady number of job openings. And with a consistent quit rate month-over-month, it shows that workers are not afraid to leave their careers to search for new opportunities. As a result, competition for top talent will continue to strengthen.
August was also another month where we saw a positive net change in employment. Over the last 12 months ending in August, there were 69.5 million hires and a total of 67.1 million separations. That equates to a total net employment gain of 2.4 million. If that’s not enough to convince you, the latest Jobs Report presented revised job gains over the previous two months (July and August). In July, job gains were revised from 159,000 to 166,000 jobs (+7,000 jobs) and from 130,000 gains in August to 168,000. That results in a positive revision of 45,000 job gains!
Find the talent you need in Q4
With hiring not slowing down as we make our way into the Fourth Quarter, it will continue to be challenging to find the talent you need in today’s candidate-driven market. Today’s market is so tight that you may need a helping hand to attract the talent your team needs to confidently head into 2020. Partner with a recruiter that specializes in your industry. At JSG, we are proud to help our clients achieve their hiring goals across North America. Reach out to us today, and let’s work together to fill your critical roles before the new year.