Written By ESR News Blog Editor Thomas Ahearn
The average time needed to hire workers to fill vacant job openings in the United States jumped to a record high of 29 days in July 2015, up from 26.8 days in June 2015, according to the DHI-DFH Mean Vacancy Duration Measure. The report quantifies the average number of working days taken to fill vacant job positions and found that U.S. employers took approximately an entire month to hire workers for their companies.
The report from DHI-DFH revealed that the longest time needed to hire workers to fill vacant positions in year-to-date 2015 were in Health Services at 43.8 days and Financial Services at 41.0 days. The shortest time needed to hire workers was in Construction, with an average vacancy length of 11.9 days. The mean number of working days needed to hire new workers by industry from January 2015 to July 2015 was:
- Health Services – 43.8 days needed to hire workers.
- Financial Services – 41.0 days needed to hire workers.
- Government – 39.0 days needed to hire workers.
- Information – 36.1 days needed to hire workers.
- Manufacturing – 32.9 days needed to hire workers.
- Education – 31.0 days needed to hire workers.
- Warehouse, Trans. & Utilities – 30.1 days needed to hire workers.
- Professional and Business Services – 27.0 days needed to hire workers.
- Non-Farm – 26.9 days needed to hire workers.
- Other Services – 21.7 days needed to hire workers.
- Leisure and Hospitality – 20.5 needed to hire workers.
- Wholesale and Retail Trade – 20.2 days needed to hire workers.
- Resources – 16.2 days needed to hire workers.
- Construction – 11.9 days needed to hire workers.
“Longer vacancy durations and falling unemployment rates point to a considerable tightening of labor markets in recent months,” Dr. Steven Davis, a William H. Abbott Professor of International Business and Economics at the University of Chicago Booth School of Business and co-creator of the DHI-DFH Vacancy Duration Measure, stated in the report on job vacancy duration.
“The recruiting environment today varies by sector, but there are a few standouts,” Michael Durney, President and CEO of DHI Group, Inc., stated in the report on job vacancy duration. “The revolving door of talent continues to turn in these specific industries, leaving employers with the task of finding compelling ways to attract skilled professionals to fill open seats.”
The DHI-DFH Mean Vacancy Duration Measure reflects the vacancy concept in the Job Openings and Labor Turnover Survey (JOLTS) where a job is filled when an offer is accepted. The vacancy duration statistics refer to average length of time required to fill open positions. The report is available at http://dhihiringindicators.com/wp-content/uploads/2015/09/2015-09-DHI-Hiring-Indicators-FINAL1.pdf.
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