US job openings rise to record 10.9 million in July

The Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday that the number of positions available during the month increased to 10.9 million from an upwardly revised 10.2 million in June. Economists in a Bloomberg poll called the opening at 10 million to be little changed.

A sharp decline in economic activity has severely curtailed many businesses, following the removal of millions of workers from the payroll last year. “Help Wanted” signs can be seen in the windows of businesses across the US, and many restaurants have limited their hours of operation.

Employers have offered incentives to attract applicants – such as higher salaries and one-time bonuses – but the pool of available workers is constrained by factors related to the pandemic.

Looking ahead, the barriers to hiring should ease as the virus scare fades and schools reopen for in-person learning. However, the rise in infections related to the Delta version and its impact on schools and Americans’ general sense of safety in the workplace could delay significant improvements in filling positions.

drop rate

The number of vacancies exceeded 4.3 million in July, the highest since the 2000 figures. The number of people who left their jobs voluntarily rose to 4 million in the month, and the quit rate remained almost unchanged at a record 2.7%. .

The biggest increases in openings were in health care and social support; finance and insurance; and accommodation and dining services.

The total workforce declined to 6.7 million in July, especially in sectors such as retail and manufacturing. The rent rate was reduced to 4.5%. There was a slight increase in layoffs and vacations.

The JOLTS figures lag behind the government’s monthly jobs figures. In that report, last week, August rose by just 235,000 — all trailing economists’ estimates — as the spread of the delta variant paired with ongoing recruitment challenges weighted on job growth.

Separate figures last week showed that half of small business owners said they had vacancies they couldn’t fill in August, a record in a National Federation of Independent Business survey. Meanwhile, the share of consumers who spoke about jobs in a conference board survey last month was near a two-decade high.