Global| Mar 11 2011JOLTS: U.S. Job Openings Rate Reverses Earlier Improvement
by:Tom Moeller
|in:Economy in Brief
Summary
The Bureau of Labor Statistics reported in its Job Openings & Labor Turnover Survey (JOLTS) that the January job openings rate slipped to 2.1% from a downwardly revised 2.2% during December. Nevertheless, these levels remained [...]
The Bureau of Labor Statistics reported in its Job Openings & Labor
Turnover Survey (JOLTS) that the January job openings rate slipped
to 2.1% from a downwardly revised 2.2% during December. Nevertheless, these
levels remained improved versus the recession low of 1.6%. Figures back to
December 2005 were revised 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 private-sector job openings rate also fell m/m to 2.2%, its lowest since August. Professional & business services job openings led the decline to the lowest rate since last June. In construction the rate increased just modestly from its December low while the rate in manufacturing also ticked up m/m but was double the mid-2009 level. The job openings rate in government reversed all of its December improvement and was barely improved from the 2009 low.
The hires rate fell to 2.8%, its cycle low. The hires rate is the number of hires during the month divided by employment. The 3.2% rate in the private sector was down sharply from December but up moderately from the cycle low. The government's lower 1.2% rate also was up from the low but the actual number of hires was down 5.5% from last year. Hires in professional & business were the strongest with a 13.8% y/y rise followed by a 12.5% gain in trade, transportation and utilities.
The job separations rate reached a new low of 2.7%. The actual number of separations fell 7.3% to a new low. Separations include quits, layoffs, discharges, and other separations as well as retirements. The layoff & discharge rate alone also fell to its all-time low of 1.2%. The private sector layoff rate was 1.3% and in the public sector it was 0.4%.
The JOLTS survey dates only to December 2000 and the figures are available in Haver's USECON database.
| JOLTS (Job Openings & Labor Turnover Survey) | Jan | Dec | Nov | Jan'10 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Job Openings, Total | |||||||
| Rate (%) | 2.1 | 2.2 | 2.2 | 1.8 | 2.2 | 1.8 | 2.1 |
| Total (000s) | 2,760 | 2,921 | 2,966 | 2,399 | 2,921 | 2,369 | 2,937 |
| Hires, Total | |||||||
| Rate (%) | 2.8 | 3.0 | 3.0 | 2.8 | 35.9 | 34.6 | 39.3 |
| Total (000s) | 3,712 | 3,905 | 3,943 | 3,585 | 46,557 | 45,207 | 53,901 |
| Layoffs & Discharges, Total | |||||||
| Rate (%) | 1.2 | 1.3 | 1.3 | 1.4 | 16.0 | 19.9 | 17.6 |
| Total (000s) | 1,519 | 1,677 | 1,738 | 1,707 | 20,614 | 26,191 | 23,705 |
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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