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August 8, 2017 By Peter Boockvar

Job openings at record high in June


Job Openings

Job openings in June totaled a record high of 6.163mm up from 5.702mm in May. Notwithstanding this, hiring’s fell by 103k m/o/m but this is very volatile month to month as it rose by 416k in the month prior. The hiring rate did hold steady at 3.7%. The demand for labor grew in construction, manufacturing, trade/transport, financial services, professional/business services, education/health, leisure/hospitality and for state and local governments. Thus it was widespread. The problem remains however and seen in the July NFIB index, the dearth of supply of labor. That is not new, it has been a major issue in this recovery for the past few years and is reflected in the low pace of firings and slowing pace of hirings over the past few years. Elsewhere, there was a 72k person decline in the number of quitters and the quit rate fell one tenth to 2.1%.

Bottom line, this report in its own way summed up the situation with the labor market where the demand for qualified warm bodies remains healthy but the supply of them remains stunted for reasons we all know. As a reminder, here is a chart of the participation rate for 25-54 year olds, the heart and soul of the labor market.

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Filed Under: Latest Data

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About Peter

Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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