09/03/2020 Toby Dayton

August Jobs Report Will Beat Consensus Estimates

Labor demand continued to rise in August, with steady gains in total, new and removed job openings across the U.S. that continued the steady gains seen in June and July.

 

 

The LinkUp 10,000, a metric that measures the job openings for the 10,000 global employers with the most job openings in the U.S. for the month, rose 3.6% in August.

 

 

Looking at our paired-month data which measures the change in new and total job openings for a set of companies that were hiring in both July and August, new and total jobs rose 5% and 8% respectively.

 

 

In July, hiring velocity also picked up as the average number of days that job openings stayed open dropped from 44 to 40 days.

 

 

Based on our paired-month data, we are forecasting a net gain of 1,900,000 jobs in August, quite a bit above the consensus estimate of 1.4 million jobs.

 

 

As always, stay safe and healthy and wear a mask.

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