Tag: job openings

Year over year, job openings are down 6.9%.

According to seasonally adjusted data released by the US Bureau of Labor Statistics, the number of US job openings fell 3.3% in October to 10.3 million. Year over year, job openings are down 6.9%.

However, Reuters noted that job openings remained significantly high in October, which points to continued labor market resilience despite the Federal Reserve’s efforts to cool demand by aggressively raising interest rates and were in line with economists’ expectations.

Hires were down 1.4% in October from September and fell 6.9% year over year. The number of separations, which includes quits, layoffs and discharges, rose 0.3% month over month.

Quits, which are included in separations and are voluntarily initiated by employees, fell by a scant 0.8% in October compared to September. Layoffs and discharges, which come under involuntary separations, rose 4.4% in October from September.

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Hires and quits decrease

US job openings rose 4.3% in September from August, and they were up 0.4% year over year, according to data released today by the US Bureau of Labor Statistics. However, the number of hires fell and fewer people quit their jobs in September.

Julia Pollak, Chief Economist at ZipRecruiter said: “The JOLTS report says that job openings rose to 10.7 million, but other measures in the report suggest the labor market is cooling. Hires fell from 6.3 million to 6.1 million and quits from 4.2 million to 4.1 million.”

Hires were down 4.0% in September compared to August and were down 6.5% year over year.

The number of quits — which are included in separations and are voluntary on the part of employees — fell by 2.9% from the previous month and were down 4.5% year over year.

Layoffs and discharges fell as well by 10.9% from the previous month and by 5.5% year over year.

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The number of hires rose by 0.6% month over month

According to seasonally adjusted numbers released by the US Bureau of Labor Statistics, the number of job openings in the US fell by approximately 1.1 million, or 10.0%, in August from July. Total job openings was 10.0 million in August, the lowest number since June 2021.

Year over year, the number of job openings was down 5.4%.

Robert Frick, Corporate Economist at Navy Federal Credit Union said: “Job openings took a major dive in August, falling by more than about 1 million, but they still total more than 10 million. That and other data point to a jobs market that’s still challenging for employers. But judging by the drop in openings and the high number of Americans who entered the labor force in August, almost 900,000, the worst of the tight labor market is over.”

The number of hires rose by 0.6% month over month, while the number of separations rose 3.1%.

BLS data showed that quits — which are included in separations and are voluntary on the part of employees — fell by 1.2% in August compared to July but were up 3.6% year over year. Layoffs and discharges (involuntary separations), however, rose 7.9% in August compared to July, with the number up 0.9% year over year.

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London remains a hiring hotspot

The Recruitment & Employment Confederation (REC)’s latest Labour Market Tracker has revealed that in the last week of July, the number of active job adverts in the UK hit a new record high for this year at 1.85 million

The number of new job adverts posted each week has been relatively stable during late June and July, at between 180,000 and 200,000 per week. However, in the last week of July, 182,000 new postings were recorded. This is 22% below this year’s highest figure of 234,000 new postings recorded at the beginning of March.

The increase in active postings indicated that job adverts are being left open for longer as employers across the country still struggle to attract candidates for their vacancies. Clearly, despite labour shortages, rising inflation, and energy costs, there is no sign that the jobs market is shrinking.

In terms of the types of jobs advertised, there was an increase in adverts in the last week in July for:

  • actors and entertainers (+13.0%)
  • driving instructors (+12.4%)
  • dancers (+11.1%)
  • water and waste (+9.5%)

Probation officers saw the biggest weekly decline in active job adverts at -10.4%). The health and social care sector also showed notable decreases:

  • hospital porters (-8.3%)
  • childminders (-6.6%)
  • paramedics (-5.3%)

London saw an increase in job postings in the week of 25-31 July –  three of the top ten hiring hotspots in the capital city. The local area with the highest increase in job adverts was Newry, Mourne, and Down in Northern Ireland (+8.3%), followed by Haringey and Islington (+7.1%) and Chorley and West Lancashire (+7.0%).

At the bottom end of the scale, five out of the bottom ten local areas for growth in active job postings were in Scotland. Moray (-9.8%), Orkney Islands (-6.6%), and Highland (-5.1%) saw the biggest drops.

Kate Shoesmith, Deputy CEO of the REC, said: “This new data shows the continued strength of the jobs market, despite any wider economic uncertainty. The number of job adverts being posted each week is stable. It’s a great time to be looking for work as a jobseeker, as employers are having to think more about the pay, benefits, conditions and development opportunities they offer both new starters and current staff as they compete for talent.

“There is a danger that with costs soaring, employers will have to reprioritise – as there is still no viable support package for businesses to meet these rising costs. We know that employers’ confidence in the broader economy has started to drop. Government must play its role, both in supporting people and businesses through the current crisis, and also by working with industry to create a sustainable labour market. We need a long-term workforce strategy that encompasses skills, immigration and makes childcare and local transport part of the infrastructure of our labour market.”

John Gray, Vice President, UK Operations at Lightcast, said: “Whilst the economic headlines appear to be very gloomy at the moment, with the Bank of England forecasting inflation of more than 13% and a contraction in GDP until the end of 2023, this bleak picture does not appear to have dented employer hiring activity as yet. Not only have we just seen another 180,000 new job postings being placed in the last week of July, but the total number of active job postings is now at a record high of more than 1.8 million.

“This situation of a contracting economy, high inflation, yet employer hiring activity hitting record highs, is highly unusual. Whilst we are likely to see a slowdown in hiring activity, the big questions hovering over the labour market in the coming months are how significant this slowdown will be, and whether we will also start to see employers laying off staff. So far we are not seeing any signs of either, and the labour market remains surprisingly tight given the adverse economic circumstances we are hearing about.”

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But decreased in transportation and warehousing sectors

According to data released by the US Bureau of Labor Statistics, job openings and quits in the US reached record highs in March.

Job openings were up by 205,000 to 11.5 million, the highest since records began in December 2000 while job openings in March increased in a number of industries, led by increases of 155,000 in “retail trade” and 50,000 in “durable goods manufacturing.”

However, the opposite happened in certain industries with the number of job openings decreasing in transportation, warehousing, and utilities by 69,000; in state and local government education by 43,000; and in federal government by 20,000.

Separations rose by 239,000. However, the quits component of separations reached a record high of 4.5 million. Quits increased by 88,000 in “professional and business services” and by 69,000 in the construction sector, fuelling the Great Resignation debate even further.

Meanwhile, according to released stats, the figures for hires hardly changed at 6.7 million while those for total separations edged up to 6.3 million.

There is much churn in the US market but still a large number of job openings which indicates the talent shortages are far from over.

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