Global| Apr 10 2012U.S. JOLTS: Job Openings Hold Steady
by:Tom Moeller
|in:Economy in Brief
Summary
Labor market improvement continued as indicated by the February job openings rate. For February, it held at a 2.6% for the third consecutive month which was the recovery's high. January was revised up from 2.5%. The figures are in the [...]
Labor market improvement continued as indicated by the February job openings rate. For February, it held at a 2.6% for the third consecutive month which was the recovery's high. January was revised up from 2.5%. The figures are in the Bureau of Labor Statistics Job Openings & Labor Turnover Survey (JOLTS). The latest reading was improved versus the recession low of 1.6%. 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 actual number of job openings in February ticked 0.6% higher (16.1% y/y) and was nearly its highest level since June 2008.
The private-sector job openings rate held at 2.7% and has moved steadily higher versus the recession low of 1.7%. The professional & business services job openings rate fell to 3.7% versus its December high of 4.3%. In professional & business services the slipped to a still-strong 3.7% but at its highest since 2008 was the rate in education & health services of 3.1%. In manufacturing slipped m/m but remained near the recovery high at 2.1%, more-than-double the mid-2009 low. The job openings rate in government ticked slightly higher m/m to a depressed 1.7%.
Showing renewed vigor was the hires rate which rose to 3.3%, its highest since may 2010. The hires rate is the number of hires during the month divided by employment. The hires rate in the private sector improved to 3.7% but the government's rate was a low 1.4%. The factory sector the hires rate ticked up to 2.2%. Overall hires in the private sector jumped 3.3% (5.8% y/y) while in the public sector they rose 5.8% (30.1% y/y). Leisure & hospitality business hires rose 19.7 y/y while hires in education & health services rose 15.6% y/y. Hires in professional & business services recovered 13.0% y/y while in manufacturing they were up just 0.4% y/y.
The job separations rate ticked up to 3.1% and the actual number of separations rose 5.5% y/y. Separations include quits, layoffs, discharges, and other separations as well as retirements. The layoff & discharge rate alone held at a low 1.3% versus the recession high of 2.0%. The private sector layoff held at 1.4% while in government it as 0.5%.
The JOLTS survey dates only to December 2000 and the figures are available in Haver's USECON database.
| JOLTS (Job Openings & Labor Turnover Survey) | Feb | Jan | Dec | Feb'10 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Job Openings, Total | |||||||
| Rate (%) | 2.6 | 2.6 | 2.6 | 2.3 | 2.6 | 2.2 | 1.8 |
| Total (000s) | 3,498 | 3,477 | 3,540 | 3,012 | 3,540 | 2,902 | 2,432 |
| Hires, Total | |||||||
| Rate (%) | 3.3 | 3.2 | 3.2 | 3.1 | 38.0 | 37.4 | 35.5 |
| Total(000s) | 4,385 | 4,239 | 4,188 | 4,089 | 50,006 | 48,647 | 46,386 |
| Layoffs & Discharges, Total | |||||||
| Rate (%) | 1.3 | 1.3 | 1.3 | 1.2 | 15.6 | 16.7 | 20.5 |
| Total (000s) | 1,673 | 1,684 | 1,685 | 1,624 | 20,678 | 21,737 | 26,731 |
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.
More Economy in Brief
