Job openings rise again, but still well short of unemployed

Wells Fargo Research Team Wells Fargo

Job openings climbed by about half a million in June. Opportunities to find work as unemployment benefits have been reduced, however, remain relatively scant, with three unemployed workers for every job opening.

Not enough

Employers sought to bring more workers on board in June, with job openings rising to 5.89 million. That still leaves openings down 16% from February (compared to a 10% hole for payrolls through June) as employers are cautious to staff-up.
For every job open, there were three unemployed workers in June, limiting the options for the unemployed to return to work as the $600 in extra weekly federal benefits expired last month.

Hiring and separations settling down

Gross hirings fell over the month after the pace of re-openings slowed. Total hirings will need to step up further in the coming months as initial claims data indicate the pace of layoffs has flat lined in recent weeks.
Hiring looks set to inch up in the months ahead. Small business hiring plans climbed in July and are only a point below 2019’s average, but there remains a lot of ground to recover.

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Wells Fargo Research Team

Wells Fargo

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