Global| Nov 13 2014U.S. JOLTS: Job Openings Rate Dips but Hiring Increases
by:Tom Moeller
|in:Economy in Brief
Summary
The job openings rate during September dipped m/m to 3.3% from its eleven year high of 3.4%. 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 job openings rate during September dipped m/m to 3.3% from its eleven year high of 3.4%. 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 surged 19.9% y/y to 4.735 million. The Bureau of Labor Statistics reports these figures in its Job Openings & Labor Turnover Survey (JOLTS).
The private-sector job openings rate slipped to 3.5% from 3.6%. It compared to the recession low of 1.7%. The rate in the professional & business services industries improved to 4.7% and in the health care & social assistance sector, it held steady at 4.2%. The leisure & hospitality rate slipped to 4.3%. Also steady m/m was the 3.0% rate in trade, transportation & utilities industries. The 2.3% rate in the factory sector has its lowest in five months. The construction rate fell to 1.6%, also the lowest level since April. The job openings rate in the government sector held m/m at 2.0% and remained up from the 1.3% low averaged back in 2008.
Moving in the other direction was the hires rate. It jumped to 3.6%, matching the highest point since December 2007. The hires rate is the number of hires during the month divided by employment. The private sector hires rate improved to 4.0%. The rate in professional & business services jumped to 5.9%, its highest level since November 2006. The factory sector rate improved to 2.3%, the highest level December 2011. Amongst leisure & hospitality firms, the hires rate gained to a recovery high of 6.0% and in education, the rate rose to 2.9%. In construction, the rate fell to 4.5% but the government sector hires rate rose to 1.4%, the highest level in six months.
The number of hires recovered 6.0% m/m and was up 6.9% y/y. Private sector hires gained 6.9% y/y. Education & health services hires jumped 16.3% y/y and professional & business services increased 11.4% y/y. Hiring in the factory sector rose 8.8% y/y while leisure & hospitality sector employment increased 7.7%. Government hiring gained 7.5% y/y.
The job separations rate rose to 3.4% and the actual number of separations increased 6.4% y/y. Separations include quits, layoffs, discharges, and other separations as well as retirements. The private sector separations rate rose to 3.8%, while the government sector's rate inched up to 1.4%. The layoff & discharge rate held near the record low of 1.2%. The private sector layoff rate was stable m/m at 1.3% and the government's rate was steady at 0.3%.
The JOLTS survey dates to December 2000 and the figures are available in Haver's USECON database.
| JOLTS (Job Openings & Labor Turnover Survey, SA) | Sep | Aug | Jul | Sep'13 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Job Openings, Total | |||||||
| Rate (%) | 3.3 | 3.4 | 3.2 | 2.8 | 2.8 | 2.6 | 2.5 |
| Total (000s) | 4,735 | 4,853 | 4,605 | 3,948 | 3,914 | 3,646 | 3,538 |
| Hires, Total | |||||||
| Rate (%) | 3.6 | 3.4 | 3.6 | 3.4 | 39.6 | 38.8 | 38.1 |
| Total (000s) | 5,026 | 4,742 | 4,934 | 4,701 | 54,139 | 52,391 | 50,264 |
| Layoffs & Discharges, Total | |||||||
| Rate (%) | 1.2 | 1.1 | 1.2 | 1.3 | 14.6 | 15.5 | 15.7 |
| Total (000s) | 1,647 | 1,619 | 1,726 | 1,783 | 20,006 | 20,979 | 20,735 |
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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