By Selina Stoller, Summit Consumer Receivables Acquisitions, LLC ***
According to the Bureau of Labors and Statistics Friday report, job vacancies in the U.S. rose to a new high of 7.6 million in January as employers continue to search for qualified applicants to fill positions.
In comparison, the Job Openings and Labor Turnover Survey (JOLTS) – which measures the level of employment vacancies along with how many workers left their jobs and reasons for the separations – has also indicated continued growth in employment opportunities.
January’s survey was expected to show only 7.31 million openings after December’s explosive month for job gains and 7.34 million openings. This is the eleventh month in a row where job openings exceeded available workers.
The JOLTS report is always highly anticipated and closely watched “inside the halls of government.” Federal Reserve officials are believed to use the report to help gauge for labor market tightness, a key consideration when determining interest rates and formulating monetary policy.
Job openings surged in government with 59,000 more available. Wholesale trade also showed a gain of 91,000 more jobs. Comparatively, retail declined by 97,000 jobs.
Industries experiencing the most worker shortages include accommodation/food services, leisure/hospitality, health care/social assistance, information, retail trade, and real estate.
The quit rate – which measures workers who left their jobs voluntarily – was unchanged at 2.3 percent of the labor force. This rate is considered a key measure of worker confidence.
Overall, America’s job market seems to be defying employer labor shortage with the job openings rate rising from 4.7 percent to 4.8 percent.
- 21 Mar, 2019
- Josh Smith