Job Openings Up by 744,000 (30%) Since Last Year

Today the BLS released its latest figures on Job Openings and Labor Turnover, and reported that job openings increased by 178,000 in July, following decreases of 75,000 in May and 363,000 in May. However, since the first of the year job openings have increased by 511,000, and by 704,000 since last July (+30%).

Private-sector job openings have improved by 677,000 over the last year, from 2.04 million in July 2009 (the trough) to 2.72 million in July of this year, representing a 33% increase.  Most private sectors have registered large gains in jobs openings over the last year, including construction (+69%), manufacturing (+109%), retail trade (+42%), professional and business services (+22.5%), and leisure/hospitality (+34%).  

As the chart above shows, the number of job openings typically lead the number of civilian jobs by about six months, so the ongoing gains in job openings over the last 12 months suggests corresponding, ongoing gains in employment through the rest of the year, and continuing into 2011.