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Based On LinkUp’s Job Search Engine Data, Friday’s Jobs Report Will Be Far Stronger Than Consensus Estimates
The consensus estimate for Friday’s jobs report seems to be that after accounting for the large decline in temporary census workers, the U.S. economy continued to add jobs in July. Most forecasters, however, have tempered their positive but modest outlook and are expecting to see a continuation of slow but steady recovery in the jobs market. While any growth in private sector jobs would be welcomed, we are much more bullish and expect to see a far stronger jobs report than people are anticipating. Based on LinkUp’s July jobs report and combined with a solid LinkUp report from June, Friday’s BLS report will show that job growth accelerated dramatically last month.
LinkUp, whose job search engine indexes over 500,000 job openings from over 20,000 corporate websites, reported today that new job listings on corporate websites rose by 119,948 (21%), while total job listings rose by 81,869 (8%). This is by far the largest monthly increase in new job listings on company websites in 2010, dramatically surpassing even June’s strong job opening growth (new job listings in June rose by 40,247 or 8% and total job listings rose by 4,299 or 0.5%). Equally as encouraging, 40 states (and Puerto Rico) reported increases in new job openings, a slight increase from the 39 that saw increases in June.
In terms of the states that added the most job openings on company websites during the month, Pennsylvania, Virginia, and New York added the most new and total job openings, while Rhode Island, New Jersey, and Connecticut showed the largest percentage increases in July. Washington, Tennessee, and Texas showed the largest declines in new and total job listings, while South Dakota, Washington, and Tennessee reported the largest percentage declines.
Equally as encouraging, new job listings by category rose by 81,352 (14%) and total job listings by category on company websites rose by 69,954 (8%). In a slight downtick from June, 24 of 37 job categories showed an increase in new job listings, while 22 of 37 categories showed an increase in total job listings.
In terms of specific categories, Sales & Business Development, Health & Medical, and Retail showed the largest gains in new and total job listings, while Accounting & Finance, Automotive, and Customer Service showed the largest declines in new job openings.
LinkUp, one of the fastest growing job search engines on the web, indexes job openings from over 20,000 corporate and employer websites throughout the country. Because the index is updated daily and only includes job listings that are found on career portals within company websites, the completely unique jobs data is extremely reliable. There are no jobs from recruiters, headhunters, search firms, or staffing companies, and no scam jobs, phishing jobs, ‘money mule’ ads, or other fraudulent postings.
And because LinkUp only indexes jobs from a single source – the hiring company itself – there are no duplicate or ‘job jacked’ listings that pollute job board aggregator sites such as Indeed and Simplyhired. Perhaps most importantly given the current high-unemployment environment in which companies are not compelled to advertise as aggressively in order to generate candidate flow for their openings, the jobs data is not based upon paid help-wanted advertising activity.