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A Few Hopeful Signs For Next Week’s June Jobs Report
The Bureau of Labor Statistics won’t be releasing its jobs report for June until July 6th, and we won’t be releasing LinkUp’s forecast until the 3rd or the 4th, but in advance of those reports next week, I thought I’d provide an encouraging data point for the job market. The chart below graphs the number of job openings per company in the LinkUp index between January of 2011 and today.
Because we are constantly adding new companies to our job search engine, a raw count of jobs does not provide much insight into what’s going on in the job market. While we are extremely pleased that our search engine recently topped 1 million jobs, a lot of the increase in job openings was due to the fact that we have been aggressively adding new companies to the search engine rather than any improvement in the economy and job growth in the U.S. But as the chart below indicates, it is also true that there has been a steady increase in the average number of job openings per company in our search engine since the first of the year. (For anyone not aware of LinkUp, our job search engine only indexes jobs from corporate websites throughout the U.S. As a result of this entirely unique model, we eliminate all of the job board pollution that plagues other job sites like Monster, Indeed, and Simplyhired. That pollution, which includes things like work-at-home job scams, expired listings, duplicates, phishing jobs, lead-gen garbage, staffing and temp firms, and resume collectors, for example, creates a lot of noise in analyzing the data from a statistical perspective).
So while we all wait with bated breath for next week’s reports, there is at least some reason to be optimistic that the report will be better than last month’s abomination. Keep in mind, as well, that based on LinkUp’s jobs report in May, in which new job listings indexed by LinkUp rose by 8% and total job listings rose by 1%, we believe that the June’s report will be better than May’s. (Because a job listing posted in May is a strong indicator of an employer’s intent to make a hire, the rise in job new and total openings in May points to rising job growth in June). We will collect one more data point for May next week relating to the increase or decrease in job listings between May and June, so May’s numbers might change to some extent, but for now, there is at least some reason to be cautiously optimistic.