June 21, 2019
The latest ManpowerGroup U.S. hiring outlook is the strongest in 13 years as Department of Labor data indicate that there are 1.6 million more job openings in the U.S. than unemployed Americans looking for work, a record high that underscores the robust demand for workers.
The layoff rate remains near its record low indicating employers are continuing to hang onto employees despite the uncertainty caused by the tariff war with China.
The quit rate remains high (2.3%), nearing the 18-year high (2.4%) set in January 2001, suggesting confidence that job prospects remain strong for many workers.
Industries with the highest job opening rates include accommodation and food services; health care and social assistance; transportation, warehousing, and utilities; and professional and business services.
The latest ManpowerGroup employment outlook survey found U.S. hiring prospects for the third quarter of 2019 are the strongest since 2006, and fourth best globally. Japan, Croatia, and Taiwan have the best third quarter hiring outlooks, while Italy, Spain, and Hungary have the worst.
Take-away: The report confirms serious worker shortages persist, which could lead to stronger wage pressure.