This chart highlights one of the biggest problems with the job market
The latest Job Openings and Labor Turnover Survey (JOLTS) showed that job openings jumped to 5.75 million in July - the highest level since the series began in December 2000.
Notably, job openings have been rising at a faster rate than job hires, which you can see in the chart below, shared by an Oppenheimer research team in a recent note to clients.
And that's significant, the team wrote, because it suggests that employers might not be finding skilled and/or qualified candidates for open positions.
"In our view, the persistently higher growth rate in openings compared to hires since 2009 suggests that employers are having difficulty finding workers with the skills and education needed in today's workplace," argued the Oppenheimer team led by chief market strategist John Stoltzfus. "It would also support further growth in hiring in the months ahead."
For what it's worth, the Dallas Federal Reserve's July report on business activity included some choice quotes from business professionals in Texas lamenting the shortage of quality labor.
"Entry-level candidates cannot read or follow instructions. Most cannot do simple math problems. What is wrong with the educational system?" one respondent in chemical manufacturing according to the report.
In any case, check out the chart from Oppenheimer below.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- Why are so many elite coaches moving to Western countries?
- Global GDP to face a 19% decline by 2050 due to climate change, study projects
- 5 things to keep in mind before taking a personal loan
- Markets face heavy fluctuations; settle lower taking downtrend to 4th day
- Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’