Job Openings in U.S. Break Another Record, Exceeding Unemployed for First Time Ever

The Bureau of Labor Statistics (BLS) reported Tuesday the number of job openings in the U.S. hit a record high in August, the fourth record in two years. Under the Trump Administration, the BLS report has surpassed 7 million for the first time ever in U.S. history.

In August 2017, the number of job openings in the U.S. set new record at 6.2 million. That record was broken again nearly a year later in June, rising to 6.7 million. Then, in September 2018, the July number of job openings in the U.S. set yet another record, rising to 6.9 million.

Now, the number of job openings reached a series high of 7.1 million on the last business day of August 2018. Not only is this the first time it’s ever been above 7 million, it’s the first time job openings have exceeded the number of persons unemployed, ever in U.S. BLS history.

The job openings rate was 4.6%. The number of hires in August also reached a series high of 5.8 million, and the hires rate was 3.9%.

The number of total separations was 5.7 million and the total separations rate was 3.8%. The number of quits was unchanged at 3.6 million and the quits rate was 2.4%. While the number of layoffs and discharges ticked up to 1.8 million in August (+176,000), the layoffs and discharges rate was 1.2%. The number of other separations was little changed in August at 332,000.

Worth noting, the Labor Department (DOL) issued big upward revisions to previous jobs reports over the last couple of months. If the same is done for the latest Employment Situation report, then the labor market will look even brighter than this report indicates. The unemployment rate last month fell to 3.7%, the lowest since December 1969.