At 9.3 million new positions, it was far more than the 8.3 million economists polled by Refinitiv had predicted — which would have been flat from the revised March job opening numbers.
That’s why some economists and corporate leaders are talking about a worker shortage, even as job postings soar and millions of Americans remain unemployed.
Tuesday’s report “adds to evidence that the weaker-than-expected jobs reports in April and May partially reflected labor supply constraints,” said economists at Goldman Sachs. The employment reports from April and May both underperformed analyst expectations.
Companies are going to have get creative if they want to fill those roles.
“Even if you want to hire, and a record share of companies do, it doesn’t mean that you’ll land the right person quickly. Be prepared to pay,” wrote Jennifer Lee, senior economist at BMO, in a note to clients.
Some employers who have workers are finding trouble keeping them: Separations also rose to 5.8 million, and the quits rate rose to 2.7%, or 4 million, the highest level in the data series. The increase was mostly because of rising quits rates in the retail industry, as well as professional and business services. The layoffs rate fell to a series low of 1%.
Employers in the accommodation and food services industry added the most open positions at nearly 350,000.
Job openings declined in educational services and mining and logging.