US Job Openings Soar To Record High

Tyler Durden's picture

After nearly two years of being rangebound, between 5.5 and 6 million, the BLS's JOLTS report - Janet Yellen's favorite labor market indicator- showed that in June, the number of job openings soared by 461,000 from 5.7 million to a new all time high of 6.163 million, smashing expectations of a far more subdued print of 5.75K, and resulting in a job openings rate of 4.0%, also tied for record high.

The biggest increase in job openings was in the Professional and Business Services category, which rose by 179K, Education and Health services which rose by 123K, Construction up by 62K, and Trade transportation up by 41K. Curiously, even manufacturing job openings increased by 38K in June, while Other Services and Retail job openings both declined, by 62K and 42K, respectively. ). The number of job
openings increased in the Midwest and West regions.

Now if only employers could find potential employees that can pass their drug test...

Earlier in the day, the NFIB survey report highlighted that the challenge for employers at the moment is to deliver wage gains despite less robust trends in profit. Taken from that survey: "While inflation remains low, reports of higher worker compensation continue to be strong, consisted with historically tight labor markets. Reports of increased compensation rose 3% to a net 27% . Rising compensation will attract workers back into the labor force, but it is a slow process. The frequency of reports of improved profit trends was unchanged at a net negative 10 percent reporting quarter on quarter profit improvements, historically an excellent reading and one of the best readings in this expansion. In spite of rising labor costs, owners are seeing decent bottom line performance."

So far the wage gains have yet to materialize.

Aside from the unexpected surge in job openings, the rest of the report was more subdued, with the pace of hiring actually declining from 5.459MM to 5.356MM...

... a decline in the annual growth rate from 6.2% in May to 3.5% in June. The hires rate was 3.7 percent. The number of hires was little changed for total private and for government. The number of hires decreased
for educational services (-29,000), but was little changed for all other industries. Hires decreased in the Northeast region.

Finally, the other closely watched category, the level of quits - which indicates workers' confidence they can leverage their existing skills and find a better paying job - also unexpectedly declined from 3.206MM to 3.134MM, although the June print remains just shy of recent all time highs hit last month.  The number of quits was little changed for total private and for government. Quits decreased in finance and insurance (-21,000). The number of quits was little changed in all four regions.

Separately, there were 1.7 million layoffs and discharges in June, little changed from May. The layoffs and discharges rate was 1.2 percent in June. The number of layoffs and discharges was little changed for total private and for government. The layoffs and discharges level was little changed in all industries and regions.

While traditionally the JOLTS report is roundly ignored by the market, this time someone noticed, and the USD has spiked on the news...

... sending the EURUSD to session lows.

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therover's picture

It's all BULLSHIT.

Ghost of PartysOver's picture

And yet none of the talking heads or politicians address the real problem as to why some many quality jobs are not filled.  PUBLIC EDUCATION!  We are creating generations of idiots.  But hey, if the Teachers Union's get what they want then all is good.  And you can account for some by the idiots who can not pass a drug test.  I suppose as long as you are stoned then your living conditions don't really y matter.

giovanni_f's picture

I heard google is looking for a senior software developer, preferably a hispano-black transgender muslim currently residing in a sanctuary city and willing to translocate to a trailer park in the San Jose area.

pugilist's picture

drug test? how can anyone stay sane without taking crzay pills?

Bigly's picture

There may be jobs but they are part time, low wage or previously high paying where they will hire a person at 60% of their former salary.

#winning

 

/s

Mementoil's picture

a good Jolts report?
this is the excuse for the sudden rise in the dollar?
Pretty pathetic, if you ask me...

Xscream's picture

If you want your 9.50 hour part time no benefits job. Step right up there are lots  to choose from.

Dollar general, any fast food store, drug stores. grocery store... the list is endless. Oh yeah but you will need to work at least two of them. Then apply for Obamacare and save up for your 4k deductible. God knows what the repubs will do with health care next year. Repeal replace been hearing about the great new plan for years. We will see soon enough i guess

bladrnr_2019's picture

Not true at all in central Ohio. My wife is looking for part-time work. She wants to be at home when the kids get off the bus. Very few jobs are part-time, mostly full-time from her two-month search which she easily would have qualified for. She has a 2nd interview Thursday at the county's visitor's bureau. Would be perfect for her. 28 hours a week, mostly doing social media updates. 

giovanni_f's picture

"social media updates"? That makes America great again. Sure.

Duc888's picture

 

 

you have no skills?

junction's picture

Plenty of jobs with near minimum wage pay, no benefits, no job security, no overtime pay, no pension and a "skinny" health insurance plan.  Plus the fact that the comatose government economists almost certainly overlook the fact that many of these job openings are just postings to attract applicants.  The jobs themselves are usually horrible, welding jobs (where you get cancer from the fumes), night shift and weekend work jobs and jobs where there is a high turnover due to real bad working conditions.  

AGuy's picture

"Plenty of jobs with near minimum wage pay, no benefits, no job security, no overtime pay, no pension and a "skinny" health insurance plan."

FWIW:Its likely that jobs are returning as the Stock market has gone vertical again and people are saving less, feeling more confident in rising stocks & home prices. But this will only last as long as the bubble continues. We see new records in consumer debt (credit cards, auto loans, home loans, student loans). As long credit availability continues the economy and jobs will be available. That said its still just a house of cards, and just about anything can topple it.

hound dog vigilante's picture

 

Yep.  I'm calling bullshit on this one, too.

 

I regularly apply for "open" positions that I am 2x over-qualified for, and I never even get a sniff.  Never.

 

I am constantly hounded to drop my rate down into W-2 range (of course, because black badge/FT jobs are nonexistant) where I compete w/ barely literate non-english speaking visa surfers. Lose-lose for everyone.

 

We are a nation of minimum wage part-time zombies... wildly over-educated yet unprepared for the menial jobs that most of us will eventually accept out of desperation & boredom.

Kidbuck's picture

Unfortunately, 6.6 million of those job openings are for leftie faggots to work at google.

canisdirus's picture

As I read it, my first thought was this: "It's all lies". I have never done drugs, either.

I have been hunting for my next FTE position for a bit over a month now and in spite of a few interviews (all claiming they are having a hell of a time finding people), I haven't yet received an offer. It's currently worse than the last two times I changed jobs (2007 and 2013), in spite of having 4-10 more years of experience.

Most listings are unfillable (way too broad, demanding way too many skills, hoping to replace someone that was doing 4-5 jobs with a drop-in replacement), while the few that could be filled are very picky. Clearly, something is really screwed up. I've never had a job hunt take me more than a month since 2001.

I laugh at the thought of how hard it will be for my current employer to replace me. It would take 6+ senior-level people in a variety of disciplines.

autofixer's picture

More drug free illegal aliens, that's the answer.  

charlewar's picture

there are no drug free anythings!

Ferrari's picture

CNN, NPR, NYT et al to explain why this is a calamity at 6.

ebworthen's picture

Time for a normalized 6% Mr. Yellen.

Last of the Middle Class's picture

One question. Was this a government produced number? You know the rest, ad nauseum.

Seasmoke's picture

Any job openings in the We Buy Gold stores ????

Another day. Another hammering. After 7 years , you would think I would get used to them by now.

Consuelo's picture

 

 

As we spoke of just yesterday, be perversely happy in the fact that the POG is so vitally important, as to the summoning forth of efforts by the Fed and all its agencies & Western banking players, just to keep a lid on it...  

Anteater's picture

Oh bullshit. Modi's Indian gold junk bonds jewelry buyup

plan was announcedd 18 months ago. He's been dumping

10,000,000 ozs of 24KT in the London market every few

months, ..but the goldbuggerer rags keep telling you the

'price is being suppressed', oh bullshit. They arrested the

Indian spoofers and flash crashers...the POG went DOWN!

They broke up the gold price fixing syndicate in London,

...the POG went DOWN! You deserve to lose if you are that

uninformed about PMs, the worst investment of 2016-17.

SilverRoofer's picture

You could be a sign spinner for 9bucks an hour

Consuelo's picture

 

 

What's that old saying again about hiring managers being the last to get the memo...?

Racer's picture

Was this before or after "seasonal adjustment" fakery?

elMente's picture

Yeah right - and on top of that... what a CONVENIENT opportunity to smack the sh!t out of our metals.

 

Now ain't THAT a B!TCH?!?

Silver Savior's picture

Job openings are not jobs! These assholes list job openings but don't fill them. Especially in higher paying jobs. It's all for show. And if they really are hiring they are so damn picky it does not matter  

Give us a total reset for crying out loud. A big fucking global one. This Amazon/Walmart economy is bullshit. It does not work!

crazzziecanuck's picture

My feeling is that this is part of the game to get Congress to preserve or even expand H1B.  Nothing like corporations coming out and saying they have all these jobs but no "skilled" labor.

We've seen this before.

Byrond's picture

Evergreen hiring, they're always hiring but only hire if they need someone, so they're actually not hiring. And why are they hiring teachers when they're letting off 1 million teachers at the same time for the summer? That incudes all those subs that get paid peanuts. Fake stats. Trust no one. 

Silver Savior's picture

Numerous times I see an entity hiring and at the same time laying off. The whole paradigm we are all in is a complete joke and the joke is everywhere. Everything has gotten totally out of hand. I don't know how people do it. Oh wait. Credit!

Byrond's picture

Where I live, the county gives a $5,000 tax break off property taxes if the business hires someone on unemployment benefits for six months. So they'll snatch you up if you're on unemployment, but of course will never give you the chance to claim benefits on their dime. Well, it's possible, but it's not very possible. 

Anteater's picture

Taught 2 nights a week at CC technical course,

and if you teach too, you know that's 3 days a

week with prep and testing, grading and FAQs,

over 16 weeks, for $2,520. That's what CC pays!

I just needed the clock hours for my certificate.

 

Now I'm looking at LEGO demonstrations, you

prepare a 90-minute class, lug a mountain of

LEGOs that you have to buy all over town, setup,

break down, fill in orders, report upline, and it's

$75 a night. You might as well be selling Bibles!

 

STOP THE H1Bs THAT ARE DESTROYING USA!

Last of the Middle Class's picture

Posting job openings is like me bragging about the "openings" in women's panties I could have hit. It's fun, it kills times, but in the end (pun intended) it's all bullshit.

illuminatus's picture

Hurray, now you too can get a part time job at Mc. D's. It's all good!!!!!!!!!!!!!!!!!!!!!!!

Byrond's picture

Manufacturing burgers, perhaps. 

Hikikomori's picture

American companies need to drug test all prospective employees for caffeine - it's the only way to win the glorious War on Drugs.

Byrond's picture

Must be fake stats. They're desperate to keep the stock market from dropping. There's also all these record high (or low) stats, which of course indicates something is wrong with the methods. Whether faked on purpose or not, stats must be questined when they're essentially unique. 

gm_general's picture

Is there any rule on these supposed job openings so that they are only ones available in the US? Most of the jobs my company is creating are in India, and they are firing people here and replacing them with people there. I would bet they are counting stuff like this and H1-B positions in these numbers.

Bigly's picture

Look at united health group.

Forget India (a given with outsourcing entire functions) for the past 6 months I have viewed an inordinate amount of postings for jobs in BRAZIL. Wtf?  And not IT....

Catahoula's picture

Deep six Obummer care and we would see huge numbers. Probably responsible for depressing wages as well. 

just the tip's picture

not gonna happen.  now that ryan and mcconnell have shown they can achieve a veto proof majority, congress will continue to pay the bailouts to the insurance companies.  even though they previously voted not to.

moonmac's picture

The number of quotes I’m doing is also soaring except nobody is buying anything. :o(

Anteater's picture

Yeah, no shit, I contacted all my clients and made the

point our deliverables are much more codified and

complete than competition, and we actually reduced

our fees by 50% back in 2015. They asked me to quote

a 50% additional price decrease! Then never came back!!!

They were using me to shop bids against some poor

schmuck from you know where. This is a H1B meltdown!

So I took an on-call position flying all over the country,

brutal service schedule, no overtime, for less than what I

used to make ... in 1987!! Think about the impact of the

high-tech workers from these certain foreign countries!

But no, 'it's the Muslims and Mexicans', ... not the H-1Bs!

Rebelrebel7's picture

I have come to the conclusion that employers are just claiming to be hiring, and collecting information on applicants. Employers expect so much information on employees, their entire life history, social media history, their credit history, and their personal health history. It's completely unwarranted!

Byrond's picture

I've seen this localy quite a lot. You have big businesses that keep HR looking for the perfect person for skilled jobs, yet they refrain from hiring even when someone who is more than qualified is found. HR may work with state employment departments, and interview hundreds or thousands of people for years. Temp agencies in my area are always interviewing and collecting resumes to get a pool of "applicants" for companies that are also only looking for the perfect person. Is that hiring? How would the stats interpret it?