JOLTS: Job Openings Outnumber Unemployed Americans by Over 1-M
- September JOLTS, or Job Openings (actual 7.009-M; prior 7.293-M)
- With Employers Eager to Fill Jobs, Hiring Could Stay Strong
- Wages, Salaries Rise by Most in Decade as US Adds 227,000 Jobs
Tuesday, is a Key date on many an investor’s calendar, as the JOLTS results was set to have affect on the US stock market, and perhaps even the way market participants view the overall US economy going forward, and it has.
The US government jobs opening report, or JOLTS, for the month of September is very important.
The Big Q: Why?
The Big A: September showed a record number of job openings for the last full month of Summer. And a record number of job openings it speaks loudly to our historically robust labor market, and it demonstrates employers are increasingly finding difficulty filling positions at particular earnings points with particular skill-sets.
Unfilled jobs in the US exceeded the number of unemployed Americans by more than 1-M as the Summer came to a close, a sign it is increasingly difficult for employers to find workers.
The number of job openings decreased to 7-M on the last business day of September, the US Bureau of Labor Statistics reported, after reaching a revised record high of 7.3-M in August.
That compares with 5.96-M jobless Americans actively looking for work during the month that the unemployment rate fell to a 49-year low of 3.7%.
The report from the Labor Department is the latest evidence that US companies are straining to fill jobs in the face of a robust job market with low unemployment.
The department says job openings declined 4% to roughly 7-M, close to the highest marks on records dating back to December 2000. The number of openings far exceeded the roughly 6-M people who were unemployed in September.
The number of available jobs in the US, in fact, has topped the number of unemployed for 6 months running. Steadily strong hiring has lowered the US unemployment rate a 49 year low of 3.7.
Making and Keeping America Great!