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According to the BLS, in July the number of job openings in the US hit
a new all time high of 6.939 million, up from an upward revised 6.822
million, and a new all time high.
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This means that there are 660 thousand more job openings than
unemployed Americans who are seeking ajob (how accurate the BLS
data is, is another matter entirely).
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Survey), either the pace of hiring needs to drop, or else the number of
new jobs will rise significantly in the coming months.
But the biggest surprise in today's report was the number of quits -
the so-called "take this jobs and shove it" indicator - which showes
worker confidence that they can leave their current job and find a
better paying job elsewhere. According to the BLS, this number hit a
new all time high, rising from 3.477MM in June to 3.583MM in July, an
increase of 106K in the month, and further confirmation that
Americans are increasingly confident in their job prospects should
their part ways with their current employer.
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Job openings have increased since a low in July 2009. They returned
to the prerecession level in March 2014 and
Hires have increased since a low in June 2009 and have surpassed
prerecession levels. In July 2018, there were 5.7 million hires.
At the end of the most recent recession in June 2009, there were 1.2
million more hires throughout the month than there were job openings
on the last business day of the month. In July 2018, there were 1.3
million fewer hires than job openings.
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