On Wednesday, US Labour Department’s survey on JOLTS or monthly Job Openings and Labour Turnover Survey had revealed that the US employers had sought for more employees in July compared to a month earlier, however more workers appeared to have quitted their jobs in a swathe of sectors ranging from skilled jobs to business services industries to retailers, while analysts suggested that the surprisingly higher number of job losses might be stemmed from the frets of exposure to the pandemic pathogen.
In point of fact, according to the US Labour Department’s JOLTS data, a critical indicator to the health of labour market and labour demands, US job openings had surged by 617,000 to 6.6 million on July, however, vacancies had still been hovering below a pre-pandemic level of 7 million registered in February.
Wednesday’s JOLTS data in tandem had unveiled that the retail sector had led the job openings with 172,000 new vacancies, while there had been an additional 146,000 job openings in healthcare and social assistance in context of a steady rise in pandemic cases across the densely populated US cities.
Construction industry had added 90,000 in new job openings. Besides, in latest justification of an unprecedented high-tide in the US labour market, the job openings rate had soared by 4.5 per cent in July compared to a reading of 4.2 per cent in the same time a year earlier.
Unemployment rate remains higher despite an upsurge in vacancies
Meanwhile, as the number of laid-off Americans due to the pandemic-led forced closures remained relatively higher in July despite a robust JOLTS survey data from the US Labour Department, downplaying the July JOLTS data and addressing to a bleaker outlook for the US labour market which might even take years to reach a pre-pandemic state, a chief economist at MUFG in New York, Chris Rupkey said shortly after the reveal of July JOLTS data, “The labor market recovery will be measured in years, not months. ”