US Job Openings: Hiring looks set to inch up in the months ahead – Wells Fargo

Data released on Monday showed during June job openings climbed around 500K. Opportunities to find work as unemployment benefits have been reduced remain relatively scant, with three unemployed workers for every job opening, noted analysts at Wells Fargo. 

Key Quotes: 

“Employers sought to bring more workers on board in June, with job openings rising to 5.89 million. That still leaves openings down 16% from February (compared to a 10% hole for payrolls through June) as employers are cautious to staff-up.”

“For every job open, there were three unemployed workers in June, limiting the options for the unemployed to return to work as the $600 in extra weekly federal benefits expired last month.”

“Hiring looks set to inch up in the months ahead. Small business hiring plans climbed in July and are only a point below 2019’s average, but there remains a lot of ground to recover.”