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Economy in Brief
U.S. Empire State Manufacturing Index Plummets in August; Lowest Since May '20
The Empire State Manufacturing Index of General Business Conditions plunged to -31.3 in August...
U.S. Import and Export Prices Fall in July; Deepest Since April 2020
Import prices fell 1.4% m/m (8.8% y/y) in July...
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller July 12, 2005
The Bureau of Labor Statistics reported that the job openings rate, from the Job Openings & Labor Turnover Survey (JOLTS), eased in May to 2.5% while the previously reported April increase was revised away. The job openings rate is the number of job openings on the last business day of the month as a percent of total employment plus job openings. The total number of job openings fell 3.1% m/m (+8.9% y/y) after a downwardly revised 0.6% decline during April
The hires rate recovered to 3.5% following the sharp decline in April. The hires rate is the number of hires during the month divided by employment.
The job separations rate fell to 3.3% after having been elevated during the prior two month. Total separations include quits, layoffs, discharges, and other separations as well as retirements. The total separations, or turnover, rate is the total number of separations during the month divided by employment.
The survey dates only to December 2000 but has since followed the movement in nonfarm payrolls.
A description of the Jolts survey and the latest release from the U.S. Department of Labor is available here.
JOLTS (Job Openings & Labor Turnover Survey) | May | April | May '04 | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Job Openings Rate: Total | 2.5% | 2.6% | 2.4% | 2.4% | 2.1% | 2.2% |
Hires Rate: Total | 3.5% | 3.4% | 3.3% | 3.4% | 3.2% | 3.2% |