Analysts from Wells Fargo, point out that the JOLTS report showed the number of openings for prospective workers at its highest point on record at the end of June, underscoring the strong underlying demand for labor.
Key Quotes:
“The number of open positions stood at a record high of 6.16 million at the end of June, up 461,000 from May. There were fewer hires and separations in June, likely due to the shrinking pool of unemployed workers."
“The number of openings for prospective workers was at its highest point on record at the end of June, underscoring the strong underlying demand for labor. Hiring managers had a harder time in June, as evidenced by the decline in hires on the month. The unexpectedly strong jobs report in July suggests they had better hiring results in early July, and the dearth of available labor likely helped boost wages.”
“The surge in job openings pushed the ratio of available workers per available job even with its lowest point of the series. Hiring managers now have about 1.1 candidates on aggregate to hire from, making competition increasingly fierce for talent, which should be reflected in the quit rate in coming months.
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