Online Job Demand Jumps in March; Both Total Ads and New Ads Are Above Pre-Recession 2007 Levels
From today's Conference Board report on online labor demand:
"Online advertised vacancies rose 246,300 in March to 4,669,600, according to The Conference Board Help Wanted OnLine (HWOL) Data Series released today. The March rise is the fourth consecutive monthly rise. The Supply/Demand rate stands at 2.9 unemployed for every vacancy; however, nationally there are still 8.4 million more unemployed than advertised vacancies.
“The March sharp rise in labor demand continued to narrow the gap between the unemployed and available job opportunities,” said June Shelp, Vice President at The Conference Board. Nationally advertised vacancies are 60 percent above their levels in June 2009, the official end of the great recession."
MP: Both total online job vacancies (4.67 million) and new ads (3.13 million) are now well above their pre-recession levels (see chart above); total ads by 5.2% and new ads by 14.0% above their 2007 peaks. The March increase in news ads - 390,000 - was the largest monthly increase in new ads in the history of the Conference Board series. The Supply/Demand ratio has been below 3.0 for the last two months in a row for the first time since the fall of 2008, more than three years ago. Today's Conference Board report provides more evidence that the labor market is gradually recovering, and the sharp increase in March online job vacancies forecasts increased hiring through the year.