March 2020 JOLTS Report

March 2020 Jolts Report: 7 Million Job Openings

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.

February 2020 Jobs Report

February 2020 Jobs Report: Expectations Destroyed with +273,000 Jobs

The February 2020 Jobs Report is in, and the results blew away economists’ predictions. In February, the U.S. economy added 273,000 jobs, and the unemployment rate dipped back down to 3.5%. However, average hourly earnings have seen stagnant growth over the last few months, with a 3% growth in February. Overall, the labor market is holding steady as we make our way through 2020.

Here is an overview of the February 2020 Jobs Report

The U.S. economy had a huge hiring push with 273,000 jobs, blowing away economists’ estimates of 173,000 job gains. As a result of this hiring spark over the last two months, the unemployment rate nudged back down to a 50-year low of 3.5%.

In addition to February’s impressive gains, the BLS reported substantial revisions over the last two months. In December, job gains were revised up from 147,000 to 184,000 jobs (an increase of 37,000). And in January, revisions saw an increase of +47,000 jobs, from 225,000 to 273,000 jobs. So, over the last two months, job additions were 85,000 higher than previously reported. After revisions, job gains have averaged an impressive 243,000 per month over the previous three months.

Impact of Coronavirus

This growth is remarkable because, in 2019, average monthly job gains were 178,000. As you can see, 2020 hiring is off to a strong start, and there are no signs of it slowing down as we approach the end of the First Quarter. However, despite this strong growth, many are still worried about the impact of the Coronavirus on hiring. It will be interesting to see how COVID-19 effects hiring going forward as the outbreak continues to develop. The damage is insignificant thus far, but this virus may change how employers hire and make an impact on the hiring strategies of some employers, such as moving interviews to a virtual format.

In February, job gains were widespread in a handful of different industries. Here is a brief breakdown of gains by industry:

Job gains by industry

  • Healthcare: +32,000 (+368,000 jobs over last 12 months)
    • Physician Offices: +10,000
    • Home Healthcare Services +10,00
    • Hospitals: +8,000
  • Social Assistance: +25,000 (+191,000 jobs over last 12 months)
  • Food Services and Drinking Places: +53,000 (+252,000 jobs over the last 7 months)
  • Government: +45,000
    • State Government Education: +16,000
    • Federal Employment: +8,000
  • Construction: +42,000
    • Specialty Trade Contractors: +26,000
    • Residential Building: +10,000
  • Professional and Technical Services: +32,000 (+285,000 jobs over the last 12 months)
    • Architectural and Engineering Services: +10,000
    • Scientific Research and Development: +5,000
    • Computer System Design: +8,000
  • Financial Activities: 26,000 (+160,000 jobs over last 12 months)
    • Real Estate: +8,000
    • Credit Intermediation: +6,000

Employment in other major industries, including mining, manufacturing, wholesale trade, retail trade, transportation and warehousing, and information, changed little over the month.

Avoid the hiring madness by partnering with a professional

As you can see, the market is hot in the first two months of 2020. With March well underway, the hiring madness is only going to climb as we quickly approach the end of Q1. If you want to get ahead of the competition, and secure the talent you need to achieve your growth goals, partner with one of our recruiters today. We have a team of recruiters ready to make an immediate impact on your organization’s production. Reach out to us, and let’s start sourcing some talent together!

February JOLTS Report

JOLTS Report: Job Openings Fell to 6.4 Million

On the last day of business in December, job openings fell by 364,000 to a total of 6.4 million openings. According to the latest JOLTS Report, the number of hires and separations changed little over the month, with 5.9 million and 5.7 million, respectively. And although the number of job openings continues to decline, the quite rate has held steady at 2.3% for four months now, indicating that Americans are still optimistic about the labor market. Here is an overview of the latest JOLTS Report:

JOLTS Report Summary

  • Job Openings: 6.4 million
  • Hires: 5.9 million
  • Separations: 5.7 million
    • Voluntary: 3.5 million
    • Involuntary: 1.9 million
  • Quite Rate: 2.3%
  • Net Employment Gain: 2.2 million

The labor market is holding steady

Once again, job openings fell in December (to a two-year low), which is discouraging many Americans. Notable industries with fewer job openings are retail and manufacturing, both falling to the lowest level since mid-2017. However, the net employment gain remained positive. Over the last 12 months (ending in December), hires totaled 70 million and separations amassed to 67.8 million, yielding a net employment gain of 2.2 million.

If you pair the net employment gain with the 225,000 jobs added in January, the labor market is still humming along in the new year. Therefore, job seekers’ confidence in the labor market is growing. Last month, the labor force participation rate rose by 0.2% to 63.4%. As a result, 574,000 Americans re-entered the workforce, forcing the unemployment rate to tick up by 0.1% to a total of 3.6%. In other words, despite a brief decline in job openings, confidence remains in today’s overall job market.

Recruit the help of a professional

The job market is still holding firm, and there are no signs of this changing in the near future. If your team needs help navigating today’s labor market, it may be time to recruit the assistance of a professional. At Johnson Service Group, we have an experienced team of recruiters waiting to make an impact on your organization. Reach out to us today, and let’s see how we can improve your hiring efforts in 2020.

January 2020 Jobs Report

January 2020 Jobs Report: 225,000 Jobs Added

The new decade is off to a strong start with the U.S. economy adding 225,000 jobs in January. The unemployment rate also ticked up to 3.6% as more Americans decide to look for new career opportunities. Additionally, year-over-year hourly wages are up 3.1%. As you can see, all signs are indicating an active labor market as we make our way into 2020. Let’s take a closer look at the January 2020 Jobs Report.

January 2020 Jobs Report Breakdown

January is the 112th month of consecutive job gains and was definitive proof that the labor market is speeding up. The unemployment rate also increased a tenth of a percent (to 3.6%) above last month’s 50-year low. These results blew away economists’ predictions of a measly 164,000 jobs for January. And if that isn’t impressive enough, last month’s gains clocked in at 50,000 more jobs than 2019’s monthly average of 175,000.

Over the previous two months, employment gains were slightly revised up by 7,000 jobs. Job gains in November were revised up by 5,000 (from +256,000 to +261,000) and gains from December increased by 2,000 jobs (from +145,000 to +147,000). However, over the last three months, employment gains are averaging 211,000 per month, much higher than the monthly average over the last 12 months.

Average hourly earnings also saw a bump in January with an increase of $0.07 to $28.44. Over the last 12 months, average hourly earnings have climbed by 3.1%. Average hourly earnings have been relatively flat over the last year or so, but regardless, remain on the positive side.

Jobs gains by industry:

  • Construction: +44,000 jobs (+12,000 monthly average in 2019)
    • Residential: +18,000
    • Nonresidential: +17,000
  • Healthcare: +36,000 jobs (+361,000 jobs over last 12 months)
    • Ambulatory Healthcare Services: +23,000
    • Hospitals: +10,000
  • Leisure and Hospitality: +36,000 jobs (+288,000 jobs over last 6 months)
  • Transportation and Warehousing: +28,000 jobs (+106,000 jobs over last 12 months)
    • Couriers and Messengers: +14,000
    • Warehousing and Storage: +6,000
  • Professional and Business Services: +21,000 jobs (+390,000 over last 12 months)
  • Manufacturing: -12,000 jobs
    • Motor Vehicles: -11,000 jobs

To summarize, jobs continue to increase at a steady rate, and more job seekers are entering the job market as their confidence continues to grow. If your team needs help sourcing talent in this tight market, let’s work together. Our team of recruiters is ready to help make an impact on your hiring efforts in 2020. Reach out to us today!

January 2020 JOLTS Report

January 2020 JOLTS Report: 6.8 Million Job Openings

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!

December 2019 Jobs Report

December 2019 Jobs Report: U.S. Creates 145,000 Jobs

The numbers are in for the final Jobs Report of the decade, and the BLS reported job gains of 145,000 throughout the month of December. As a result, 2019 was the ninth straight year of annual employment gains surpassing 2 million. Despite missing economists’ estimates of 164,000 job gains, the unemployment rate has remained a steady 3.5 percent (a half-century low) over the last three months. In other words, the labor market is holding steady as we enter the new year.

December 2019 Jobs Report breakdown

December also marks the 111th month in a row of job gains. With the addition of 145,000 jobs last month, employment rose to 2.1 million throughout 2019. And although short of economists’ projections, Michael Pearce, senior U.S. economist at Capital Economics, labeled last month’s job growth as “solid” even though it missed estimates and said, “We expect solid gains in payrolls to extend through 2020.” And if that isn’t impressive enough for you, jobless claims fell for a 4th week in a row to 214,000, which is back near post-recession lows.

Over the previous two months, employment gains from the previous two months were slightly revised down by 14,000 jobs. Job gains in October were revised down by 4,000 (from +156,000 to +152,000) and gains from November decreased by 10,000 jobs (from +266,000 to +255,000). However, over the last three months, employment gains are averaging 184,000 per month. And over the last 12 months, the economy added an average of 176,000 jobs a month in 2019.

Average hourly earnings continued to rise with an increase of $0.03, for a total hourly rate of $28.32. Over the last 12 months, average hourly earnings have increased by 2.9 percent – the lowest annual pace since July 2018. Additionally, the labor force participation rate remained little changed at 63.2 percent. Overall, the labor market is primed for another big year as we enter a new decade.

Job gains by industry

Here is a break down of the nonfarm payroll job gains for the month of December:

  • Retail Trade: +41,000 jobs
    • Clothing and Accessories Stores: +33,000 jobs
    • Building Material & Garden Supply: +7,000
  • Leisure and Hospitality: +40,000 (+359,000 jobs over the last 12 months)
  • Healthcare: +28,000 (+399,000 over the last 12 months)
    • Ambulatory Healthcare Services: +23,000
    • Hospitals: +9,000
  • Construction: +20,000 (+151,000 jobs over the last 12 months)
  • Professional and Business Services: +10,000 (+397,000 jobs over the last 12 months)
  • Mining: -8,000 (-24,000 jobs over the last 12 months)
  • Transportation and Warehousing: -10,000 (+57,000 jobs over the last 12 months)
  • Manufacturing: -12,000 (+46,000 jobs over the last 12 months)

Get the talent acquisition assistance you need in 2020

All signs are indicating that 2020 will be another strong year of growth for the U.S. economy labor force. If you had struggles filling your critical roles and sourcing skilled candidates in 2019, you’ll likely face the same challenges in the new year. If you want to get a kickstart on your hiring efforts this year, partner with a recruiter. At JSG, we have a team of recruiters ready to partner with your organization to source the talent you need to have another successful year in 2020. Reach out to us today, and let’s get to work!

December 2019 JOLTS Report

December 2019 JOLTS Report

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.

November 2019 Jobs Report

November Jobs Report: 266,000 Job Gains

The latest Jobs Report released from the BLS revealed a stellar performance in November with nonfarm payrolls surging by 266,000, shattering economists’ expectations of 187,000 jobs. Economists also predicted the unemployment rate would remain constant at 3.6 percent; however, November’s unemployment rate ticked down to 3.5 percent, back to tying the lowest level ever recorded since 1969. To summarize, the labor market is still holding firm as we approach the end of the year. Let’s take a closer look at November’s Jobs Report.

A deep dive of November’s Jobs Report

November was the 110th month in a row of job gains. With 266,000 jobs added, this was the best month of job gains since January 2019’s 312,000. A significant chunk of last month’s gain was due to the conclusion of the lengthy strike of General Motors’ employees. Last month, the end of GM’s strike brought 41,300 people back to work, generating the majority of November’s total manufacturing job gains of 54,000. However, even if you remove the strike from consideration, nonfarm payroll gains completely smashed all expectations from Wall Street.

If that doesn’t impress you, the latest Jobs Report also positively reported revisions from the prior two months. In September, job gains increased by 13,000 for a total of 193,000 jobs, and for October, job gains also ticked up by an impressive 28,000 jobs to 156,000 for the month. After revisions, job gains have increased by 41,000 jobs over the past two months. These changes improved 2019’s average monthly job gains to 180,000.

Average hourly earnings continued to rise with an increase of $0.07, for a total hourly rate of $28.29. Over the last 12 months, average hourly earnings have increased by 3.1 percent. Economists were projecting a flat gain of 3.0 percent like it was last month. Additionally, the labor force participation rate remained little changed at 63.2 percent. All in all, these are all signs that the labor market looks to hold steady as we near 2020.

Job gains by industry

Below is a break down of nonfarm payroll job gains throughout the month:

  • Manufacturing: +54,000 jobs
    • +41,300 from GM workers returning from strike
  • Leisure and hospitality: +45,000 (+219,000 total gains over the last four months)
  • Healthcare: +45,000 jobs (+414,000 total gains over the last 12 months)
    • Ambulatory healthcare services: +34,000
    • Hospitals: +10,000
  • Employment in professional and technical services: +31,000 jobs (+278,000 total gains over the last 12 months)
  • Transportation and warehousing: +16,000
    • Warehousing and storage: +8,000
    • Couriers and messengers: +5,000
  • Financial activities: +13,000 (+116,000 total gains over the last 12 months)
    • Credit intermediation and related activities: +7,000
  • Retail trade: +2,000
    • General merchandise stores: +22,000
    • Motor vehicle and parts dealers: +8,000
    • Clothing accessories stores: -18,000
  • Mining: -7,000
    • Support activities for mining: -6,000

Need help navigating this tight market?

As you can see, the market remains tight and doesn’t look to slow down in the new year. With only one more month of 2019, it may be time to enlist some help to fill those critical roles by the end of the year. If you’re interested in partnering with a recruiter that specializes in your industry, reach out to us today, and let’s work together!

November 2019 JOLTS Report

November 2019 JOLTS Report

The Job Openings and Labor Turnover Survey (JOLTS) is out, and the labor market is still as attractive as ever for job seekers. On the last business day of September 2019, there was little change from the month prior, with a total of 7.0 million job openings. Also, the number of total hires had a slight bump up to 5.9 million throughout the month. The quit rate held steady at 2.3 percent, which illustrates the confidence of job seekers to leave their jobs to find more fruitful opportunities.

Here is a breakdown of the latest November 2019 JOLTS Report.

November JOLTS Report

  • Job Openings: 7.0 million
  • Hires: 5.9 million
  • Separations: 5.8 million
    • Voluntary: 3.5 million
    • Involuntary: 2.0

The job market remains resilient

If you compare last month’s JOLTS Report to today’s, there are two important things to note:

  • The number of hires edged up
  • The number of separations bumped up

When looking at these two figures together, it’s clear that job seekers are becoming more and more confident in today’s labor market. More people are getting hired, yet more people are voluntarily leaving their jobs to seek out new opportunities. When pairing this with the current unemployment rate of 3.6 percent, the outlook for the labor market is strong as we head closer to 2020.

Furthermore, the number of job openings (7.0 million) is still well above the number of those seeking employment (5.8 million). The net change in employment continued to look attractive. Over the last 12 months (ending in September 2019), there was a total of 69.9 million hires and 67.4 million separations. That is an enticing net employment gain of 2.5 million. And with the BLS reporting last Friday a surprisingly strong revision in job additions from the prior two months (+95,000 jobs) than previously reported, the labor market is looking great for job seekers (and spooky for employers)!

How will you obtain the talent you need?

In this tight market, having an efficient hiring process is critical. If your process is too slow or has too many hoops to jump through, it may be time to make some changes to improve the process for your candidates. If your team is struggling to do so, have you thought about enlisting some help from a recruiter? At JSG, we have a dedicated team of recruiters with decades of industry experience. Let’s work together to source the talent your team needs to end the year on a strong note. Contact us today!

October 2019 JOLTS Report

October 2019 JOLTS Report

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.