The difficulty companies are facing in hiring workers remained sharply higher during October and November compared to prior months, according to labor market intelligence firm Greenwich.HR. For the second month in a row, the benchmark measure of local availability of workers for new jobs – the number of job listings that remain open longer than 45 days – remained over 60 percent.
The number of US job listings that were open more than 45 days was 64.5% in November, essentially unchanged from October and up sharply from 46.4% in September.
“The number of days job listings remain open in aggregate is a strong indicator of how labor supply matches demand,” Says Kevin Moldestad, COO of Greenwich.HR. “Through most of 2019, this metric was below 40 percent, but we’ve seen a real jump after summer. This coincides with a very strong surge in hiring demand – jobs that are currently advertised and expected to be filled in 2-4 months. As we enter 2020, we’ll see whether hiring difficulty returns to previous levels or if this becomes a new normal.”
Challenges attracting workers remained significant all sectors, with consumer staples, oil/energy, and business services sectors showing the highest difficulty levels in November.
This analysis is based on job listing data from all Russell 3000 companies. It includes data from over 3.3 million US job listings. Job listing trends precede hiring trends by 2-4 months.
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