The numbers for August are in, and it seems they are telling a happy story right now about employment and the US economy. The positive findings appear in the Bureau of Labor Statistics’ Job Openings and Labor Turnover Report (JOLT), which is an important report that does not get enough attention.
According to JOLT there were 7.14 million job openings in the USA in August, a record number. In July there were 7.10 jobs available, which was also an historic high. It seems right now is one of the best times in US history to be job hunting.
JOLT’s assessment is that the economy is running hot. August was the fifth consecutive month in which there were more jobs available than there were unemployed people to fill them. According to JOLT there were about 1.2 million more jobs than the 5.96 million unemployed. That has never happened before, at least not since series began in 2000. Also setting records is the number of new hires, which reached 5.78 million in August.
Workers are also feeling more confidence in the labor market in general. That story is told by what is known as the “quit-rate.” In August about 3.58 million workers left their jobs voluntarily, a sign, according to economists, that people feel they can take a chance and leave their old job in hopes of finding a new, better job. The number for August 2018 was up by 12.7% over last years “quit-rate” number.