JOB OPENINGS in the US hit their highest level since the summer of 2008 in further evidence the labour market continues to heal.
According to data from the Bureau of Labour Statistics, there were 3.76 million vacant jobs in June, the highest level since before the bankruptcy of Lehman Brothers in September 2008.
The figures again complicate the picture on the labour market, where job growth has slowed since the start of the year but some fundamentals seem to be improving. Non-farm payrolls rose 163,000 in July.
The job openings rate in the private sector, which measures the percentage of vacant to total jobs, also rose to its highest level since early 2008 at 3 per cent. That compares with lows under 2 per cent during the recession, and a peak of 3.6 per cent during the strong market of 2007.
Hiring in the construction sector was strong, with 447,000 workers taken on compared with 314,000 leaving. That is an encouraging sign for future payrolls reports because construction has been a drag on total employment for five years. – (Copyright The Financial Times Limited 2012)
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