The April 2020 JOLTS Report was released this week, and on the last business day of February, there were 6.9 million job openings, according to the Bureau of Labor Statistics. Throughout the month, hires and separations held steady from January with 5.9 million and 5.6 million, respectively. The quit rate was also consistent at 2.3%. Clearly, these numbers do not reflect the full effect of the coronavirus pandemic, but it’s good to note that the labor market was holding firm before the virus hit the labor force.
Overview of April 2020 JOLTS Report
- Job Openings: 6.9 million
- Hires: 5.9 million
- Separations: 5.6 million
- Quits: 3.5 million
- Involuntary: 1.8 million
- Quit Rate: 2.3%
- Net Employment Gain: 2.4 million
February picked up where January left off
February 2020 continued the hot streak from the month prior. Before the COVID-19 outbreak was in full swing, Americans continued to show their confidence in the labor market by voluntarily leaving their jobs to pursue other opportunities. This is demonstrated through a consistent quit rate from month-to-month (2.3%) in February. Involuntary quits were also little changed, illustrating that furloughs due to the virus had yet to take effect on American employers in February.
Net employment change
Over the last year (ending in February), hires totaled 70.3 million, and separations equaled 67.9 million. As a result, the net employment gain as of February was 2.4 million. If you pair this with February’s impressive job gains of 275,000, the labor market was humming along nicely in the first two months of 2020.
Obviously, these numbers will look much starker in the following reports from the BLS as more employers furlough their employees during social distancing and shelter in place orders. However, there are still jobs out there, and many employers are in desperate need of essential workers, especially healthcare organizations. If you are searching for a new opportunity at this time, don’t give up hope. Take a deep breath and reach out to our recruiting team. We can help you get back to work during these trying times. We have hundreds of job opportunities across the country with employers that are ready to hire quickly. And if you’re an employer struggling to control your staffing shortage, reach out to us today. We have the reach to help you find the talent you need during these difficult times. At Johnson Service Group, we work hard, we work together, and we work for YOU.