The Labor Department released the latest JOLTS Report this morning, and the labor market received a boost in October. Throughout the month, both job openings and the number of quits by Americans increased, which are two solid signs of a strong job market. On the last day of business in October, job openings total 7.3 million, up from 7.0 million in September. The quit rate also remained at 2.3 percent, showing the confidence of Americans to quit their jobs to pursue more lucrative career opportunities.
Here’s a breakdown of the latest JOLTS Report.
December JOLTS Report
- Job Openings: 7.3 million (+235,000 from the last report)
- Number of Hires: 5.8 million (3.8 percent hire rate)
- Number of Separations: 5.6 million
- Voluntary: 3.5 million
- Involuntary: 1.8 million
- Job Opening Rate: 4.6 percent
The 4th Quarter labor market is holding firm
In October, both the number of quits and job openings throughout the country ticked up. In other words, Americans are gaining confidence in our current labor market. This is an excellent sign that the labor market will hold firm as we enter the new year in just a few short weeks.
Furthermore, job openings (7.3 million) is still well above the number of American separations (5.6 million). Therefore, there are plenty of opportunities for those currently seeking new employment. The net employment change continues to look attractive. Over the last 12 months (ending in October), hires totaled 69.8 million and separations totaled 67.4 million, for a net employment gain of 2.4 million. And when comparing this with December’s impressive Jobs Report with a staggering 266,000 job gains, the outlook of our job market is looking more and more appealing.
It’s still a candidate-driven market
The unemployment rate is currently holding at a 50-year low of 3.5 percent. Additionally, there are more job openings than hires as of October 2019. Thus, employers are still struggling to fill their critical roles. If your team needs help navigating this tight market, let’s partner together. We can help you fill your critical positions, and position your team to start the new decade on a strong note. Partner with a recruiter from Johnson Service Group today, and let’s work together to source the talent you need.