"Labor supply continues to surprise to the upside and is helping rebalance the labor market," Bank of America US economist Stephen Juneau wrote in a note to clients on Friday.40% percent of the 611 small business owners surveyed reported job openings they couldn't fill, the lowest level since February 2021.
The Job Opening and Labor Turnover Survey, or JOLTS report, out earlier this week also revealed workers are quitting their jobs at the lowest rate , indicating workers are valuing the certainty of employment over the possibility of a new role. Over the last year, the number of open jobs in the US has dropped by 2.5 million.A hiring sign is displayed at a restaurant in Prospect Heights, Ill., on April 4, 2023.
Participation from prime age workers increased to 83.5%, matching a 21-year high previously seen in June. Economists at Wells Fargo noted that participation from older workers and teenaged workers also picked up in August, rising 0.2% and 0.8% percentage points, respectively. "There is virtually no one left to hire in the prime age cohorts, except for roughly 50k/month new entrants into the labor force ," Simons wrote. "The age cohorts with remaining slack likely won't be able to meet the skills requirements for many current job openings."This content is not available due to your privacy preferences.
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