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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.

job openings

Job Openings Outnumber Unemployed

job openings

What this means for the world of recruitment

According to the Bureau of Labor Statistics, the unemployment rate ticked down to a 17-year low in May at 3.8%. As a result, there are currently more job openings than unemployed workers. There are 6.7 million job openings in the U.S. but only 6.4 million available workers. Competition for candidates is heating up, totally changing the landscape of the job market.

What does this mean for companies trying to hire in order to meet growth goals? What does it mean for candidates who are considering making a move? We’re doing a deep dive into how candidate-driven market will affect hiring and recruiting for the rest of 2018.

Employers Must Offer Competitive Wages

First and foremost, employers must offer competitive wages. At this point in time, almost everyone who wants a job has a job. So, in order to compete for top talent, employers have to come in strong with offers – including wages and benefits. “Hourly pay for nonsupervisors rose 2.8% in May from a year earlier, the best annual gain since mid-2009.”

Employers Must Have a Swift Hiring Process

The number of workers who are working or seeking work has been on the decline for almost two decades. The candidates who are open to new opportunities are entertaining multiple competitive offers. In order to secure the top echelon talent, employers must prioritize hiring and limit the number of hoops a candidate must jump through during the interview process.

For candidates that look great on paper, skip the phone interview and go straight to a face-to-face. People will appreciate your urgency and feel they are already adding value to your team.

It’s An Ideal Time For Candidates To Make A Move

For candidates, now is the perfect time to make a move. If you’re actively looking for a new position, don’t be afraid to apply to multiple opportunities. For passive candidates, it’s time to freshen up that resume then take the leap! Even if you don’t consider yourself a candidate at all, consider doing some searching or networking to see what is out there. Now is the best time to take the next step in your career, whether that’s in a different location, with a different company, or even a completely different role altogether!

No matter what, one of the best things you can do during an extremely tight labor market is to partner with a recruiter. We have connections with thousands of elite companies and candidates, and we’re ready to make the right match for your future and career goals.