Below is a chart, we think you might find interesting. We plot the total number of employees counted in the non-farm payroll survey (left scale 000s) and the number of Job openings (right scale, 000s) as tracked by the BLS’ JOLTs survey.
- Number of Job openings has surpassed last previous peak
- Number of employees on the non-farm survey has surpassed the previous peak (when we were in the midst of a housing and construction bubble)
- Rate of growth in non-farm payroll growth did slow in 2013 – In our opinion reflecting fiscal policies, the roll out of Obamacare, and the continuation of extended unemployment benefits.
o As those policy effects fade, non-farm payroll growth re-accelerated in 2014
- Job openings show continued payroll growth