On August 6th, the BLS reported that there were 3,900,000 job openings on the last business day of June, up by 100,000 from May. (The Job Openings and Labor Turnover Survey results for July 2013 are scheduled to be released on Tuesday, September 10th, 2013). The 3,900,000 reflects published openings comprised of jobs that are advertised either online or in print format.
The hires rate (3.1%) and separations rate (3.0%) also were little changed in June. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by geographic region.
As we recruiters know, that 3,900,000 number only represents 20% of the jobs currently available in the marketplace. The other 80% of job openings are unpublished and are filled through networking or word of mouth or by using a RECRUITER. So, those 3,900,000 published job openings now become a total of 19,500,000 published and hidden job orders.
In August there were 11,316,000 unemployed workers. What was the main reason why those workers were unemployed? Two Words: Structural Unemployment. If we can’t figure out how to educate and/or reeducate those 11,316,000 unemployed, then they will keep reappearing each month as a BLS unemployment statistic—as they have. In the meantime, our recruitment marketplace flourishes!
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