In the days following payroll and unemployment reports each month, the U.S. Bureau of Labor Statistics (BLS) releases its Job Openings and Labor Turnover Survey. The report is delayed by one month, unlike the unemployment and payrolls report, and is utilized to determine the overall jobs economy. According to a Labor Department release on Monday, there were 1 million jobs more than unemployed workers in the most recent government count of job openings.
The total number of available jobs was 7.08 million for October, making it the second-highest level surpassed only by the 7.3 million in August. The Job Openings and Labor Turnover Survey showed that just 6.08 million Americans classified as unemployed for the month.
The survey indicates that the jobs market is beginning to tighten, meanwhile, questions are being sparked regarding the broader economy’s strength. “Most economists are expecting a global slowdown that could infect the U.S., which is coming off its strongest year since the Great Recession ended in mid-2009,” states CNBC.
However, JOLTS data revealed a strong picture for the employment situation. The number of openings currently, compared to the same time period a year ago, increased by 16.8 percent. The labor pool, though, continues to shrink, with the current unemployed level down 449,000 from October 2017.
The number of new hires was also vigorous, reaching just shy of 6 million, missing a new high set in August by nearly 14,000. Hires increased 3.4 percent over the previous month and 5.2 percent from the same month a year ago.