US Job Openings Soar To New All Time High

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 the recent surge in job openings which was observed first last month, when job openings smashed expectations above 6 million for the first time ever, continued in July when the total number of job opening rose to a new record high of 6.170 million, an increase of 54k on the month, and well above the 6.0mm consensus forecast. The July job opening rate, or openings as a % of total employment plus openings, remained at a record high of 4.

The number of job openings was little changed for total private and decreased for government (-58,000). Job openings increased in a number of industries with the largest increases occurring in other services (+111,000), transportation, warehousing, and utilities (+70,000), and educational services (+26,000). Job openings decreased in health care and social assistance (-72,000), state and local government, excluding education (-46,000), and federal government (-21,000).

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

Aside from the unexpected surge in job openings, the rest of the report was more subdued, with the pace of hiring reverseing last month's decline, and rising by 69,000 to 5.501 million...

... pushing the hires rate up from 3.7% to 3.8%. The number of hires was little changed for total private and for government. The number of hires increased for federal government (+9,000), and was little changed for all other industries. On an annual basis, the pace of hiring slowed down modestly, rising by 3.2% in July, down from the 4.9% in June.

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 reversed last month's decline, and rose from 3.13MM to 3.164MM, with the June print remaining just shy of recent all time highs hit last month: the quits rate was 2.2 percent. The number of quits was little changed for total private and for government. Quits decreased in educational services (-16,000). The number of quits was little changed in all four regions. (See table 4.).

Separately, there were 1.8 million layoffs and discharges in July, little changed from June. The layoffs and discharges rate was 1.2 percent in July. The number of layoffs and discharges was little changed for total private and for government. The layoffs and discharges level increased in federal government (+9,000). The number of layoffs and discharges was little changed in all four regions.


SeaMonkeys Consuelo Tue, 09/12/2017 - 11:08 Permalink

Labor and skills are decreasingly able to bring income to Americans. Unearned income, capital gains, and the jobs that surround this type of work are taking an increasing share of GDP. What you said about skills was true in the past, especially before the late 1970's. This is why educational institutions are able to charge their monopoly prices. They know that the job pool for high income jobs requires education and they want us to buy their overpriced degrees.Our parents lived in the day of pubic state universities. We need to return to this and allow our citizens the chance to learn skills necessary for adding value in the 21st century. The American population in the aggregate is too undereducated to do tomorrow's work. The cost of living is sky high, mainly for housing, healthcare, and education.A "living wage" must take these high prices into account. They are super inflated because of bad laws allowing extreme price gauging and bubble creation by banks.Lower the price of housing, heatlhcare, and education to match the amount of money Americans earn and the field will be level. 

In reply to by Consuelo

Justin Case Consuelo Tue, 09/12/2017 - 11:23 Permalink

There is such a thing as what YOUR SKILLS can commandSo then there is no need for minimum wage enforcement in a true capitalistic system either, right? Or is it better to pull things from communism (minmum wages) and socialism (gov't health care) to create a quasi capitalistic system where everyone is equally poor? Welcome to merica.

In reply to by Consuelo

SeaMonkeys Justin Case Tue, 09/12/2017 - 11:47 Permalink

I think govt. spending in total amounts to about 40% of GDP. That's a lot of money and jobs. The Austrian ideal of removing that, privatizing or de-nationalizing currency, and removing all regulations might sound like a utopia, but it's a fantasy unless other things occur with it. The ability of the population to have an alternative to the use of money would have to greatly increase in order for the Austrian dream to come true. Otherwise, all things being equal, slavery and violence in the streets would be the result. The 19th century had the open frontier to homestead. This provided an alternative to reliance on wages and money. We don't have this alternative today. We might in the future, though. This is where open source technology comes in.If we don't move in the direction of autonomy and away from complete impotent dependence on currency and wages, then the Austrian dream is as much a fantasy as the communist dream. 

In reply to by Justin Case

SeaMonkeys The Blank Stare Tue, 09/12/2017 - 13:10 Permalink

You're missing the point. Earned income in America is a thing of the past. How many hours a week would a person need to work in order to raise a family at one the service jobs in your town? Compare this to our parents' day. Earned income in our parents' day was plentiful enough and paid well enough to raise a family. Today, these jobs are dwindling.This is what Charles Hugh Smith often writes about. Credit and debt are not replacements for earned income. The circular flow from investment and savings to income and consumption have been broken. It's a slow moving train wreck.

In reply to by The Blank Stare

SeaMonkeys Blue Steel 309 Tue, 09/12/2017 - 13:18 Permalink

So many writers and commenters on ZerHedge are "half-baked" Austrians or libertarians. They don't follow their arguments to the logical next step.When Hayek and Friedman were arguing for the Austrian side in the 80's, we didn't have the last 40 years of history under our belts. We also didn't have the freedom of access to real economists and historians that the internet provides. The monopoly of access to information by the mainstream media has been broken.Too many people are still using the same arguments from the 70's and 80's to make a case for policy today. The difference between the past and today is stark and clear. We can do much better.The libertartian case to be made is a good one. It has consequences that should be dealt with. Otherwise it's just a fantasy, like communism.

In reply to by Blue Steel 309

newworldorder JoeTurner Tue, 09/12/2017 - 12:51 Permalink

Its not "HR business" - its called Recruiting and Hiring, - and it almost, no longer exists within HR.Since the rsume exclusion HR applications have taken over, millions apply to jobs and are seldom looked at. Its all a crap-shoot game, but one needs to be in the game to win at craps. One needs to have an 'in' with real recruiters, but good luck finding them.

In reply to by JoeTurner

CoastalCowboy Tue, 09/12/2017 - 10:36 Permalink

The job openings in my field are nothing like they were in 2006.  I'm self-employed and will never return to the plantation.We need more restaurant workers to feed those with three part time Obamacare jobs since they have zero free time.

GodHelpAmerica (not verified) Tue, 09/12/2017 - 10:49 Permalink

That's what happens when corporations don't want to train (at all) anymore. OTJ training and additional training (schooling, certifications etc) that would be considered an "investment" in the employee is a distant memory.

And yet the main stream view is still mystified why there's this enormous gap between what corporations need in terms of skills/qualification and what the general population has on paper.

Corps want the employee to assume all the risk by going massively into debt *hoping* some of their overpriced education will provide some form of economic value to a prospective employer.

shimmy Tue, 09/12/2017 - 11:11 Permalink

So there are a record number of job openings but all I read is how people are held down because there are no jobs since all the illegal Mexicans took them and people in China. Gotcha. Has zero to do with all these Americans not wanting to work when they can get more on welfare and/or simply being druggies. Nah, never any responsibility for that as it's just all those evil illegals who work low paying jobs in the first place. Low paying jobs that illegals have are good as those could be jobs domestics coud have if it werent for those pesky illegals...but job openings domestics can freely have but aren't are bad because they are low paying. Just keep moving the goal posts. Don't get me wrong, I don't support illegal "immigration" but jeez, people need to quit trying to act like they're taking all the jobs when stuff like this shows otherwise.The U.S is the dindu snowflake capital of the world. People there refuse to ever take responsibility for anything negative that happens and always look to blame others, foreigners specifically. 

SeaMonkeys Tue, 09/12/2017 - 11:25 Permalink

It's a buyers' market and the labor and skills we are selling aren't worth the price we need to pay the bills. Yet the socio-economic health of the country is measured only in financial terms, i.e. the markets and GDP.People don't yet realize that price is becoming meaningless. The default state of society has always been one of underconsumption. Advertising is what keeps us wanting to buy. Life in America is one long, stupid string of commercials. Without conspicious consumption, demand would plummet, and businesses would go bust. The entire scenario is built on credit. 2008 was the wake up call. The real state of equilibrium for society is one of far fewer purchases and more autonomy for individuals over how work "earns a living."For this kind of autonomy to catch on, Open Source must be encouraged. Patents, like all monopolies, keep us weak and dependent on "dollars." The powers that be want to keep us addicted to dollars, like a drug dealer wants to keep his customers addicted.

Manipuflation SeaMonkeys Tue, 09/12/2017 - 12:13 Permalink

To be honest I am addicted to diving in dumpsters.  People are throwing away shit might still be good yet.  Just last week I found a sterling silver pendant in the dumpster.  The pendent clearly says sterling and I tracked one like it down on E-bay where they ask about $25  Who throws that away?  It's only about $7 in scrap but who cares?  I threw that in the daughter's stack.  It's rare to find something like that but it happens.  There was that one time I responded to a free ad on craigslist that was neary because there were floor mats for cars there.  I ended up grabbing all of the books that were there as well and found $32 worth of in the plastic unused postage in one of the USPS "Collectors" books.  You can always use postage.  And one of the sets of mats fit perfectly in one of my car project.  The rest were cut to use in the garden in the pathways to keep weeds down and they work great for that.  Some people call me a cheap fucker.  That I may be so but I am not part of the free shit army.  My Mom grew up during the Great Depression and you never threw anything away.  You have to be careful or shit will overwhelm you.  If you can make use of something that is OK but storing it is when you become a hoarder unless that is guns gold and silver.  In that case it is OK to hoard ;-)       

In reply to by SeaMonkeys

SeaMonkeys Manipuflation Tue, 09/12/2017 - 12:26 Permalink

Absolutely. People are waking up, little by little. Another example of decreasing the need for money is the tiny house movement. The less time you spend exchanging your labor for dollars, the more time you have to be with your family and so on. At the macro level, the crime is in the setting of prices for the high ticket items like housing, healthcare, and education. These prices do not match the true purchasing power of the output of Americans' labor. The elephant hiding in the room is credit/debt and monopoly. The kind of de-regulation that Austrians should be focusing on is that which gives us purchasing or "use"alternatives. Instead of doing this, people who claim to be libertarian end up cheerleading for corporations. This is the opposite of what libertarians should want. Gevernment and corporations are two pockets on the same pair of pants. 

In reply to by Manipuflation

CRM114 SeaMonkeys Tue, 09/12/2017 - 13:26 Permalink

Tiny houses - the reason zoning authorities ban them is that You Are Not Allowed To Escape The Machine.Minimal property taxes and they are all out of a job. It's why they hate the self-sufficiency & off-grid types too, despite the fact they spend most of their time begging people to go green. Go Green to them means 'buy more shit but then recycle the packaging'.

In reply to by SeaMonkeys

I Write Code Tue, 09/12/2017 - 11:33 Permalink

Yeah, commenters already said - salaries aren't jumping, so what labor market?  "Jobs" are mostly McJobs, horrible pay and no benefits, want everyone pretrained, fake job ads so they can hire an H-1B or illegal, one real job leads to fifty jobs by recruiters and just Internet wackos who want to get in-between.

Manipuflation I Write Code Tue, 09/12/2017 - 11:56 Permalink

I could tell you about my about my adventures with a staffing "company".  Talk about a fraud.  And then they wanted my social security number and my bank account routing number... all for $15 an hour telemarketing crap job some 50 miles away from home.  Come on, at least get me a forklift operator job offer so I can put my "Kolledge EduKasHUn" in science degree to work.  Nope.

In reply to by I Write Code

Manipuflation Tue, 09/12/2017 - 11:38 Permalink

Yeh but they are all fake jobs created by Indeed(or any of the job aggregators) so they can bill the companies over and over again by reposting for a position that doesn't exist.  Or, if the position does exist and HR is just that lazy (and they are) the Indeeds of the world will make sure no qualified applicants ever get their resume looked at thanks to the keyword filters their Automated Tracking System uses.I just got home from dropping off a resume for a small local company for a manager's position.  I'm done with this fucking online everything.  You would that "Class A CDL" on a resume would immediately garner some attention but it doesn't.  Who isn't looking for drivers?  I guess my CDL with hazmat and tanker endorsement complete with homeland security check and biometrics isn't quite good enough for Indeed filters.  The whole jobs are everywhere thing is fantasy bullshit pipe dream.  Even Pizza Hut didn't call me back for a delivery driver position that I applied for through indeed!The funny thing is that when I went to drop off a resume I kind of caught them by surprise.  "Well Sir, there is no manager on duty today."  "Well, yes I kind of assumed that since the job I am applying IS manager." I thought to myself.  Not one customer in the place and bunch of Leroys standing around drooling.  Pick up a fucking broom or something would ya?The point I am intending to make is that I went right to the main office rather than fuck around with Indeed.  Honestly, they didn't know they were hiring but they are always hiring and that is big flag right there.  Why fuck with a cover letter that is loaded with bullshit when you can drop the resume off yourself?  No one reads or believes that shit anyway.  One thing online is really good at is people bitching.  Here we bitch about politicos, snowflakes and banksters whatever and we should do so.  But when it comes down to business everyone goes online before making major purchases and when you read the reviews it does influence your decision.  I am old school in that the customer should get reasonable service and get what they paid for.  I am not sure that is what most bigger corps are looking for these days.  I am not ever sure what good my Bachelor's degree is.  In part of my extensive investigation, I called my alma mater and asked if anyone has ever checked my transcripts.  Not once in 20 years has anyone bothered to check.  No one gives a shit about anything and that is why Merica is sucking hind tit so much anymore.  We'll just print more money and hire on or red-headed mildy retarded step-son to a seven figure job.  We'll title him a finanacial advisor.  Bullocks.I will just continue on my mid-life retirement.  I really have been enjoying it.  I spent the whole summer with the kids and we had a lot of adventures together that didn't cost a lot of money.  I didn't have a dad growing up and had the cash to do it.  But now they are back to Fool and so I should probably do something.  Like maybe going fishing later today!:-)))Peace.     

Anteater Manipuflation Tue, 09/12/2017 - 12:21 Permalink

I'm at old end of the spectrum, all they want me for is my license certificate,and if they could pay me a royalty instead of hiring me to stamp their projects,I would be a rich man, instead of being offered a salary I used to get in 1985,back when it meant something to get high five figures. Meanwhile Pentagonhas 11,567 open position for TS-SCI 'analysts' making over six figures, but theonly way you can get them is to have a TS-SCI clearance. Pentagon is a racket.My poor kids with their college degrees are getting 35 hour, minimum wage,which they'll take because rent is pushing up on $1800 for a 1BR box, and afull trim F150 is $50 grand, and they still have to pay Obamacare, to be seenby some bored technician, who writes a prescription for Maalox, for an ulcer.Corporate:American Socialism + Elitist President who is totally out of touch.Never bring 5" snakeskin stillettos to the greatest disaster in Houston history! 

In reply to by Manipuflation