Despite all the ruckus generated by the Coronavirus outbreak, the latest JOLTS Report released this morning. The BLS reported an impressive 7.0 million (+411,000) job openings on the last day of January. Throughout the month, hires and separations were little changed at 5.8 million and 5.6 million, respectively. The quit rate also remained at 2.3%, showing that Americans are still confident in their new job market prospects.
Here’s a more in-depth overview of the latest JOLTS Report
- Job Openings: 7.0 million
- Hires: 5.8 million
- Separations: 5.6 million
- Quits: 3.5 million
- Involuntary: 1.7 million
- Quit Rate: 2.3%
- Net Employment Gain: 2.1 million
Starting the new decade strong
This is the first JOLTS Report of the new decade, and overall, it’s a good sign of what’s to come in 2020. The number of job openings increased by nearly half a million, and the number of quits held firm. Job openings grew for total private (+370,000) and edged up for government (+40,000). Additionally, throughout January, job openings increased in finance and insurance (+65,000), the federal government (+38,000), and mining and logging (+8,000).
The net employment rate also is looking very optimistic. Over the past 12 months (ending in January), the number of hires amounted to 70 million, and separations equaled 67.9 million. As a result, the net employment gain as of January 2020 was 2.2 million. Now, if you pair this with this month’s Jobs Report with +273,000 jobs, things are looking good for the labor market right now.
A look back to 2019
Last year, there was a total of 69.9 million hires, which is an increase of 1.3 million from 2018. Also, the total number of separations rose by 1.7 million in 2019, to a total of 67.9 million. In other words, there were substantially more hires AND separations last year, showing how strong the job market was throughout the entire year. Additionally, the number of quits rose for the 10th consecutive year, reaching 42.1 million. That’s up by 1.8 million and nearly two-thirds of the total separations last year. On another positive note, layoffs were down by 64,000 in 2019, another example of the strength of the labor market.
Need some help navigating this job market?
As you can see, the proof is in the pudding. The job market is looking fantastic, thanks to the latest JOLTS Report, and 2020 is off to a strong start. Yes, there is a lot of uncertainty in hiring due to the COVID-19 virus, but the majority of employers are still struggling to attract the talent they need. If that sounds like your company, give us a call. Our recruiters are working diligently to help our clients source the talent they need to keep business operations running smoothly. Let’s connect and see how we can work together.