Monday, October 18, 2021

Job opportunities keep rising, on pace to set new record: Indeed Recruitment Lab

Real-time job opening data from India Hiring Lab shows that the number of vacancies in the United States continues to climb and is on pace to hit a new record high when the government publishes official figures next month.

There were an estimated 11.6 million job openings in the United States as of September 24, according to an analysis by Indeed Hiring Lab, the Research and Insights division of the Indeed job site. If it is estimated when the government publishes its official September figures on 12 November, it will hit a new record high, which currently stands at 10.9 million as of the last day of July.

Indeed estimates assume that the pace of growth of job openings actually matches the pace measured by the Department of Labor in its monthly Job Openings and Labor Turnover Survey (JOLTS). The latest monthly JOLTS report, released on September 8, showed that the number of job vacancies increased from 749,000 in the month to an all-time high of 10.9 million on July 31.

The next JOLTS report, which will show the number of job openings on the last day of August, will be on October 12, while the report for November 12 will show the number of vacancies on the last day of September.

In fact the data provides a real-time picture of labor market activity and is therefore more up-to-date than the Department of Labor’s official monthly snapshot. Indeed statistics show that the number of job openings increased by 6.1 percent between July 31 and September 24, to about 11.6 million, which would make it the highest number in the history of the JOLTS job opening chain.

Hiring difficulties for businesses have emerged as a major issue as the economy recovers from the slowdown of the pandemic. There are now about 2.5 million more job opportunities in the United States than there are unemployed people.

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A recent review of job opening data by the St. Louis Federal Reserve reinforces the picture of labor market tightness, with the number of days it takes to fill an open position more than doubled in recent months.

“The pandemic created special conditions: First, job opportunities fell to stone, so these few remaining open positions could be filled quickly,” Fed analysts wrote in a recent blog post.

“Soon, the positions came back. And now we are in a situation where there are a lot of openings and relatively few of them are being filled. In just a few months, the time to fill an open position ranges from 20 days to 50 days. Gone, which may still be higher, ”the analysts wrote.

While the continued reopening of the economy has prompted many businesses to seek workers, hiring efforts have been hampered by labor shortages, with analysts generally citing child care issues, concerns about the pandemic and have pointed to factors such as generous unemployment benefits.

With federal pandemic jobless assistance programs now phased out in all states, future labor market reports should be closely examined as to whether rolling back those programs caused a bump in job searching and hiring.

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Tom Ozimek has an extensive background in journalism, deposit insurance, marketing and communications, and adult education. The best writing advice he’s heard from Roy Peter Clark: ‘Hit your goal’ and ‘Leave the best for last.’

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This News Originally From – The Epoch Times

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