The BLS just released the numbers for the January 2020 JOLTS Report, and November job openings clocked in at 6.8 million, down 561,000 from the previous month. Throughout the month, hires and separations changed little with 5.8 million and 5.6 million, respectively. And although job openings are declining, the quit rate has remained at 2.3% for over three months. This a strong sign that Americans’ confidence in the labor market is holding steady. Let’s take a closer look at the latest JOLTS Report.
JOLTS Report breakdown:
- Job openings: 6.8 million
- Hires: 5.8 million
- Separations: 5.6 million
- Voluntary: 3.5 million
- Involuntary: 1.7 million
- Quits Rate: 2.3%
- Net Employment Gain: 2.3 million
The labor market is still hot
Although the number of job openings declined by nearly half a million, the net employment gain continues to be impressive over the last 12 months. Over the past year (ending in November 2019), hires totaled 69.8 million and separations totaled 67.5 million, resulting in a net employment gain of 2.3 million.
Moreover, in the month of November, there were more total job openings (6.8 million) than the number of hires (5.8 million). In other words, today’s market is still candidate-driven as there are over 1 million more job openings than hires. And when pairing that with today’s half-century low unemployment rate (3.5%), the market remains hot as we make our way into 2020.
Get a helping hand in today’s tight market
The labor market is hot and doesn’t look like it will be slowing down anytime soon. It can be challenging for hiring managers to secure the top talent they need to keep business running as usual. If you are in this same boat, reach out to one of our recruiters at Johnson Service Group. We have a dedicated team of professional recruiters that are ready to make an impact on your hiring efforts; we are ready to help you find the talent your team needs in 2020 and beyond!