Wednesday, December 7, 2016

JOLTS Survey Shows Hiring Pace Slows

I'm a big follower of the JOLTS survey released by the Bureau of Labor Statistics. For one I feel it's prone to less shenanigans than the unemployment rate. The last couple years have seen the survey spike to over 5 million plus job openings, and a commensurate level of actual hiring.

However underneath there is a trend that's been accelerating much of this year, and at this point is hard to ignore. The rate at which people are being hired is slowing despite a large number of positions available.  The percentage hiring rate from a year ago dropped -5.4%. That's a pretty big change.

It could mean a lot of things. I think one of the main reasons, but not the only one, is that companies are having a hard time finding qualified workers to fill positions.  The workforce is becoming increasingly technical.


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