FRED has some new data. Isn’t that exciting? They now have several new series from DHI Group that measure how difficult it is for firms to hire people.
The percentage of jobs waiting to be filled, meanwhile, is close to eight-year highs. DHI data shows that the time it takes to fill open positions has been on the rise in most industries, suggesting increased competition for top-flight workers. For employers, that means upward pressure on wages.
One measure of the worker shortage: It takes more time to fill the average position. It now requires a record 29.3 working days, nearly double what it did in the Great Recession, according to a job vacancy index by DHI Group, an online job-search service. It’s especially high in health care (47.9 days) and financial services (42.2 days).