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Economy in Brief
Empire State Manufacturing Index Declines in January
The Empire State Manufacturing Index of General Business Conditions decreased to 3.5 in January...
U.S. Industrial Production Continues Recovery
Industrial production advanced 1.6% in December...
U.S. PPI Rose 0.3% in December
The Producer Price Index for final demand rose 0.3% (0.8% y/y) in December...
U.S. Business Inventories Accumulate during November as Sales Weaken
Total business inventories increased 0.5% during November (-3.2% y/y)...
The EMU Trade Surplus Stabilizes
Both exports and imports have been regaining momentum...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Gerald D. Cohen February 6, 2018
The Bureau of Labor Statistics reported that the total job openings rate in December notched down to 3.8% from 3.9% in November. At the end of 2016 the job openings rate was 3.7%. The hiring rate was unchanged at 3.7%, slightly higher than the 3.6% reading from a year ago. The layoff rate declined to 1.1% in December from 1.2% in November, but was unchanged from a year ago. These figures are from the Job Openings & Labor Turnover Survey (JOLTS), which dates back to December 2000.
The private sector job openings rate edged down to 4.1% in December; a year ago it was 4.0%. Monthly declines in construction, manufacturing, trade, transportation & utilities and professional services were offset by gains in education & health and leisure and hospitality. Job Openings in the government sector increased to 2.3% in December from 2.2% in November.
The total number of job openings fell 2.8% in December, driven by a 3.2% drop in private sector openings. Still, total economy job openings are up 4.9% from a year ago, while private sector openings have risen 4.4% year-on-year. Openings in leisure and hospitality led the gain, rising 22% from a year ago, followed by construction (13% y/y), trade and transportation (7% y/y) and manufacturing (6% y/y). Openings in the professional services and educational and health were down for the year. Meanwhile, openings in government were up 10% from a year ago.
The private sector hiring rate was unchanged at 4.1% in December with little movement in individual industries. Private sector hiring edged up 0.2% in December with a 2.9% gain for the year. The factory sector led the gain, up 20% from a year ago, while hiring in construction was down 16% year-on-year. Government hiring fell 3.8% in December but was up 12.5% year-on-year. As a result, the overall number of hires edged down 0.1% in December and was up 3.5% from a year ago.
The overall job separations rate increased to 3.6% in December from 3.5% in November. The separation rate has ranged between 3.4% and 3.6% during the last two years. The layoff & discharge rate was unchanged at 1.1% in December. The layoff rate has been hovering between 1.1% and 1.2% for the last 15 months. Total layoffs fell 4.6% in December, but were up 1.3% from a year ago. Private sector layoffs dropped 6.1% for the month, but were down only 0.3% from a year ago.
The JOLTS survey dates to December 2000 and the figures are available in Haver's USECON database.
JOLTS (Job Openings & Labor Turnover Survey, SA) | Dec | Nov | Oct | Dec '16 | Dec '15 | Dec '14 | |
---|---|---|---|---|---|---|---|
Job Openings, Total | |||||||
Rate (%) | 3.8 | 3.9 | 3.9 | 3.7 | 3.6 | 3.3 | |
Total (000s) | 5,811 | 5,978 | 5,925 | 5,539 | 5,374 | 4,795 | |
Hires, Total | |||||||
Rate (%) | 3.7 | 3.7 | 3.8 | 3.6 | 3.8 | 3.7 | |
Total (000s) | 5,488 | 5,493 | 5,592 | 5,303 | 5,504 | 5,165 | |
Layoffs & Discharges, Total | |||||||
Rate (%) | 1.1 | 1.2 | 1.2 | 1.1 | 1.2 | 1.2 | |
Total (000s) | 1,645 | 1,725 | 1,693 | 1,624 | 1,732 | 1,720 |