Global| Apr 11 2006JOLTS: Openings Steady at Upwardly Revised Level
by:Tom Moeller
|in:Economy in Brief
Summary
The Bureau of Labor Statistics reported that the February job openings rate, from the Job Openings & Labor Turnover Survey (JOLTS), was unchanged from an upwardly revised 2.9% the prior month. The job openings rate is the number of [...]
The Bureau of Labor Statistics reported that the February job openings rate, from the Job Openings & Labor Turnover Survey (JOLTS), was unchanged from an upwardly revised 2.9% the prior month. 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.
So far this year the job opening rate has averaged 2.9%, up from 2.7% last year, and the actual number of job openings jumped 1.8% to 4.054 million (16.0% y/y) from an upwardly revised January level.
The hires rate held steady m/m at an upwardly revised January level of 3.7%. The hires rate is the number of hires during the month divided by employment. The actual hires level increased 0.6% m/m to 4.972 million (2.9% y/y).
The job separations rate increased to 3.3% after two months at a low 3.2%. 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 level of job separations surged 4.8% (0.2% y/y) to 4.492 million.
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.
What a New Set of Indexes Tells Us About State and National Business Cycles from the Federal Reserve Bank of Philadelphia is available here.
| JOLTS (Job Openings & Labor Turnover Survey) | Feb | Jan | Feb '05 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Job Openings Rate: Total | 2.9% | 2.9% | 2.6% | 2.7% | 2.4% | 2.1% |
| Hires Rate: Total | 3.7% | 3.7% | 3.6% | 3.6% | 3.5% | 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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