On September 10th, the Bureau of Labor Statistics reported that there were 3,700,000 job openings on the last business day of July, down by 200,000 from June. The 3,700,000 reflects published openings comprised of jobs that are advertised either online or in print format.
The hires rate (3.2%) and separations rate (3.0%) also were little changed in July. 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.
We know, that 3,700,000 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 The other 80% of job openings are unpublished and are filled through networking or word of mouth or by using a recruiter.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 3,700,000 published job openings now become a total of 18,500,000 published and hidden job orders.
In September there were 11,255,000 unemployed workers. Why then are those workers were unemployed? Two Words: Structural Unemployment. If we can’t figure out how to educate and/or reeducate those 11,255,000 unemployed, then they will keep reappearing each month as a BLS unemployment statistic—as they have. In the meantime, the recruitment industry flourishes.
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