Today’s JOLTs report turned out to be a huge surprise. Markets expected a print of 9.270 million job openings in June (vs 9.209 million in May) - this would already be a new record high. However, the data was even better and showed a stellar 10.073 million job openings. Also, May’s print was revised to the upside, from 9.209 million to 9.483 million. As a result, the job openings rate rose to 6.5%.
Job openings increased in several industries, with the largest increases in professional and business services (+227,000), retail trade (+133,000) and accommodation and food services (+121,000).
US job openings were rising in the past 6 months now, with every month of 2021 seeing an increase. In fact, this the longest streak in history of the series. Source: Bloomberg via ZeroHedge
Despite record high job openings, there are still millions of American who collect pandemic emergency unemployment claims. Source: Bloomberg via ZeroHedge
The data shows that the US labour market has become sort of overheated as there are more job openings that unemployed workers these days. Previously similar situation was seen in 2018 and 2019 when the US labour market was at its finest. All in all, this indicates that there are labour supply constraints in the United States. Despite record job openings, many Americans choose not to return to the labour market. Therefore, expiring unemployment benefits will be closely watched this fall as this might actually lead to a rapid employment growth in the world’s largest economy.
Source: Bloomberg via ZeroHedge
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