“Several indicators of labor market tightness have plateaued in recent months,” said Dr. Steven Davis, William H. Abbott Professor of International Business and Economics at the University of Chicago Booth School of Business. “The cyclical recovery of the U.S. labor market appears to be essentially complete.” Davis is a co-developer of the DHI Database and co-creator of the DHI-DFH Mean Vacancy Duration Measure and Recruiting Intensity Index.
“The job market for highly skilled technology professionals continues to be good as employers across industries need to hire tech talent and unemployment rates for tech pros remains low. It’s the perfect storm for wage inflation,” said Michael Durney, President and CEO of DHI Group, Inc. “Tech professionals are taking notice and voluntary quits in this category are near record-breaking. Given the favorable employment conditions, smart tech pros will research salary data and know their worth before heading into an interview.”
The duration measure reflects the vacancy concept in the Job Openings and Labor Turnover Survey (JOLTS). Specifically, a job opening gets “filled” according to JOLTS when a job offer for the open position is accepted. So the DHI-DFH vacancy duration statistics refer to the average length of time required to fill open positions. Typically, there is also a lag between the fill date and the new hire's start date on the new job.