JOLTS – July

What we can see from these data is that the segments most affected, mainly Retail Trade; Arts, Entertainment, and Recreation; and Accommodation and Food Services, involve jobs that require direct contact with the public; and capital can’t be substituted to replace those workers. Interestingly, while there are lots of people being let go or temporarily furloughed, these areas also seem to be the ones that have the most job openings and new hiring taking place. The one area where there seemed to be a lot of jobs opening up in July was Professional and Business Services, which increased by 5.7%. The segment also saw strong hiring growth at 5.7% and relatively high separations at 5.1%, whereas quits were relatively low at 2.7% and layoffs were low at 2.1%.

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What the data suggest going forward is that once a vaccine is developed and people gain confidence in their safety, the Leisure and Hospitality and Retail segments should bounce back. The impacts on other job sectors are less clear, but we can be sure their recovery will vary significantly.

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Disclaimer: The preceding was provided by Cumberland Advisors, Home Office: One Sarasota Tower, 2 N. Tamiami Trail, Suite 303, Sarasota, FL 34236; New Jersey Office: 614 Landis Ave, Vineland, NJ ...

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