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Economy in Brief
U.S. Energy Prices Are Mixed
Retail gasoline prices slipped to $2.88 per gallon last week (+24.2% y/y)...
U.S. Home Builder Index Backpedals
The Composite Housing Market Index from the NAHB-Wells Fargo fell 2.9% (+3.0% y/y) to 68 during June ...
Japan's Loses Its Trade Surplus
In May, Japan has logged its second trade deficit in 13 months and only its third in the last 28 months...
U.S. Industrial Production Slips Unexpectedly
The Federal Reserve reported that industrial production eased 0.1% (+3.5% y/y) during May...
Empire State Manufacturing Index Continues to Strengthen
The Empire State Manufacturing Index of General Business Conditions rose to 25.0 during June, the highest level in eight months...
by Tom Moeller August 11, 2005
The Bureau of Labor Statistics reported that the job openings rate, from the Job Openings & Labor Turnover Survey (JOLTS), improved in June versus May to 2.6%, but 2.6% has been the average so far this year. 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, however, reversed most of the prior month's decline and rose 3.7% (12.8% y/y).
The hires rate dipped slightly to 3.5% from an upwardly revised 3.6% in May. 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 three months. 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) | June | May | June '04 | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Job Openings Rate: Total | 2.6% | 2.5% | 2.3% | 2.4% | 2.1% | 2.2% |
| Hires Rate: Total | 3.5% | 3.6% | 3.4% | 3.4% | 3.2% | 3.2% |
