US job openings hit record as employers struggle to find workers

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US job openings hit record as employers struggle to find workers

On Wednesday, the US Labour Department’s monthly JOLTS report or Job Openings and Labour Turnover Survey data, a closely observed indicator to labour market’s health, had unveiled that US job openings had rushed to a record high in July with layoffs rising marginally, proffering an elucidation that August’s steep slowdown in hiring had been largely prompted by investors’ failure to find workers instead a weak demand.

Aside from that, the US Labour Department’s JOLTS report released earlier on the day, also had unfurled that the number of workers voluntarily quitting their jobs picked up steadily in July, widely contemplated as a sign of confidence in labour market.

Meanwhile, followed by the announcement, a senior economist at BMO Capital Markets in Toronto, Jennifer Lee said, “This is a super tight job market. The ongoing struggle to find the right worker for the right role continues”.

US Job openings hit record in July, says JOLTS report

On top of that, according to US Labour Department’s monthly JOLTS report, a critical gauge to labour demand, job openings had soared 749,000 to 10.9 million as of July 31, the strongest level since the Government had begun to trace the data back in December 2000, while the latest JOLTS report also had illustrated that job openings had hit records for a fifth successive month in July.

Job openings’ rate stepped up to a record 6.9 per cent in July from a reading of 6.5 per cent a month earlier, mostly boosted up by a robust demand in small businesses having had 50-249 workers, while demands of workers in larger firms with more than 5,000 employees, fell.

Nonetheless, Northeast, South, Midwest alongside Western part of the US had led the tally of gains in Job openings in July, added the latest JOLTS report.