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Economy in Brief
U.S. Energy Product Prices Drift Sideways
Canadian Factory Sector Looks Solid
Canadian factory orders fell for the second month in a row in July but because of an order surge back in May...
Empire State Manufacturing Index Eases; Prices Improve
The Empire State Manufacturing Index of General Business
Conditions declined to 19.0 during September from 25.6 in August
British Chamber of Commerce Cuts Forecasts
The British Chamber of Commerce (BCC) today announced cutting its outlook for the UK economy...
U.S. Retail Sales Edge Higher
Total retail sales improved 0.1% (6.6% y/y) during August
following a 0.7% July gain...
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% |
