Global| Feb 09 2005JOLTS: Job Openings Up But Hires Down in the US
by:Tom Moeller
|in:Economy in Brief
Summary
The tone of the Job Openings & Labor Turnover Survey (JOLTS) from the Bureau of Labor Statistics reversed in December versus the prior month. The job openings rate gained what was lost in November, rising to 2.5%. The job openings [...]
The tone of the Job Openings & Labor Turnover Survey (JOLTS) from the Bureau of Labor Statistics reversed in December versus the prior month. The job openings rate gained what was lost in November, rising to 2.5%. 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.
... and the hires rate fell back to the November level of 3.4%. The hires rate is the number of hires during the month divided by employment.
The total number of job openings rose 5.6% in December, gaining back most of what was lost in November.
Job separations rose 3.6% m/m and by 6.4% versus last year. The separation rate was up slightly at 3.2%. 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.
From the U.S. Department of Labor, a description of the Jolts survey and the latest release is available here.
Fed Chairman Alan Greenspan's Adam Smith lecture can be found here.
| JOLTS (Job Openings & Labor Turnover Survey) | Dec | Nov | Dec '03 | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Job Openings Rate: Total | 2.5% | 2.4% | 2.3% | 2.4% | 2.1% | 2.2% |
| Hires Rate: Total | 3.4% | 3.6% | 3.2% | 3.3% | 3.1% | 3.2% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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