(upbeat music)
(pen scribbling)
– All right, let’s do this.
Today, I’m drinking a nitro cold brew.
Because you know, it’s spring and coffee.
I don’t know what you would say to that.
– It’s getting warm.
– Hi, I’m Bre House.
So last week we had two big
government jobs reports.
One showed us that nearly
half a million new jobs
were added in March.
And the other show that
the number of job openings
remains near all time
highs of over 11 million.
Let’s think about that.
On the one hand, we’re
adding lots of jobs,
but on the other hand, job
openings are at record highs.
The fact is there’s just
too many employers competing
for not enough employees.
And that’s putting employers in
a really tight squeeze for talent.
Now let’s look at the numbers.
The job openings and
labor turnover survey,
known as jolts,
showed that there were
11.3 million job openings
in February.
The all time high is 11.5 million,
set just a few months ago.
Jolts.
(Bre laughing)
Have some more coffee, Bre, it’ll be fine.
This is why we’re doing coffee today.
(static beeping)
Also, jolts showed that the
total hires for February
were 6.7 million and the total
separations were 6.1 million.
This reflects the tremendous
churn in the job market,
particularly among those
without college degrees
and in entry level positions.
People are leaving their jobs to
trade up for better opportunities.
We call this “The Great Reshuffling”.
(cards shuffling)
(laughing)
And those who are not in the labor market
are still largely staying
on the sidelines, for now.
And that’s a problem.
This reshuffling has put a
squeeze on a lot of service jobs.
The government’s employment
situation report for March
also showed an overall increase of 431,000
in non-farm payrolls.
That’s a high number, but
again, the job openings
didn’t drop by that amount.
In fact, the number of
openings barely moved.
Whew.
♪ Coffee in the morning,
coffee in the evening, ♪
♪ coffee at supper time. ♪
There are only 56 unemployed workers
on the job market for
every 100 job openings.
If every available
unemployed person in America
were hired tomorrow,
that would still leave
four in 10 jobs unfilled.
It’s a great situation for job seekers,
but it’s a tough one for employers.
A year ago, we released our forecast
on the coming labor shortage.
And we said this problem would
last decades, not months.
That prediction is playing out now
with every new employment report.
The good news is that here
at Emsi Burning Glass,
we have these answers to help
you through these challenges.
For example, if you are
in higher education,
we have research on how colleges
and universities can help
solve this workforce gap.
Or if you are in local
government planning,
check out our blog on what
local communities can do
to help bridge the workforce gap.
And if you are a small or large business,
be sure to read our report series,
“The Demographic Drought”,
which shows how we got here
and what we can do next.
So, that is it for the big
jobs reports from last week.
And as always, please let us know how
we can help you create a business plan
in this challenging labor market.
I’m Bre House.
Thank you for joining me
for another coffee with
Emsi Burning Glass.
Cheers.
That’s all she wrote.
(upbeat music fading)
