Global| Jun 19 2012U.S. JOLTS: Job Openings Pull Back
by:Tom Moeller
|in:Economy in Brief
Summary
The rate of labor market improvement eased during April. The Bureau of Labor Statistics indicated in its Job Openings & Labor Turnover Survey (JOLTS) that the rate of 2.5% was down from the March high of 2.7%. Nevertheless, the latest [...]
The rate of labor market improvement eased during April. The Bureau of Labor Statistics indicated in its Job Openings & Labor Turnover Survey (JOLTS) that the rate of 2.5% was down from the March high of 2.7%. Nevertheless, 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 April fell 8.7% from March (+13.3% y/y).
The private-sector job openings rate fell m/m to 2.7% but had moved steadily higher versus the recession low of 1.7%. The professional & business services job openings rate fell sharply to 3.7%. The rate in education & health services dipped to 3.1%, still nearly its highest of the recovery. In manufacturing, the rate fell sharply to 2.0%, its lowest since November. The job openings rate in government fell to 1.5%, its lowest since October.
Employment gains also eased as the hires rate fell to 3.1%, is lowest since July. The hires rate is the number of hires during the month divided by employment. The hires rate in the private sector fell to 3.5% but the government's rate was stable at a low 1.3%. The factory sector the hires rate dipped to 2.1%. Overall hires in the private sector fell 3.9% (+3.9% y/y) after a 2.1% March decline while in the public sector they slipped 0.3% (+5.8% y/y), down for three of the last four months. Leisure & hospitality business hires rose 8.6% y/y while hires in education & health services increased 7.0% y/y. Hires in professional & business services rose 2.6% y/y while in manufacturing they slipped 0.8% y/y.
The job separations rate held steady at 3.1% for the third straight month but the actual number of separations rose 7.6% y/y. Separations include quits, layoffs, discharges, and other separations as well as retirements. The layoff & discharge rate alone nudged up to a still-low 1.3% versus the recession high of 2.0%. The private sector layoff rate was 1.5% while in government 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) | Apr | Mar | Feb | Apr'11 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Job Openings, Total | |||||||
| Rate (%) | 2.5 | 2.7 | 2.6 | 2.2 | 2.6 | 2.2 | 1.8 |
| Total (000s) | 3,416 | 3,741 | 3,565 | 3,014 | 3,540 | 2,902 | 2,432 |
| Hires, Total | |||||||
| Rate (%) | 3.1 | 3.3 | 3.3 | 3.1 | 38.0 | 37.4 | 35.5 |
| Total(000s) | 4,175 | 4,335 | 4,444 | 4,015 | 50,006 | 48,647 | 46,386 |
| Layoffs & Discharges, Total | |||||||
| Rate (%) | 1.3 | 1.2 | 1.3 | 1.2 | 15.6 | 16.7 | 20.5 |
| Total (000s) | 1,720 | 1,652 | 1,728 | 1,616 | 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.
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