Global| Feb 12 2013U.S. JOLTS: Job Openings Rate Retraces Earlier Gains
by:Tom Moeller
|in:Economy in Brief
Summary
According to the Bureau of Labor Statistics, in the December Job Openings & Labor Turnover Survey (JOLTS) report, the job openings rate fell to 2.6% from 2.8% in November, revised from 2.7%. The latest remained up from the recession [...]
According to the Bureau of Labor Statistics, in the December Job
Openings & Labor Turnover Survey (JOLTS) report, the job openings
rate fell to 2.6% from 2.8% in November, revised from 2.7%. The latest
remained up from the recession low of 1.6%. For the year as a whole, the
job openings rate held steady with 2011 at 2.6%. 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 fell 4.6% to 3,617 (2.2% y/y). For the year the number of
openings rose 2.2% after a 22.0% rise during 2011.
The private-sector job openings rate fell to 2.8%, up versus the recession low of 1.7%. For the year the rate was steady at 2.8%. The job openings rate in health care and social services slipped to 3.6% but remained up from the 2010 low of 2.5%. In leisure & hospitality, the rate slipped to 3.2% while the rate in manufacturing fell to 2.1%. The job openings rate in government was stable for the month and the year at a relatively low 1.6%.
The hires rate fell to 3.1% and was at the lowest level since February, 2012. For the year, the hires rate rose to 38.8%, its highest level of the economic recovery. The hires rate is the number of hires during the month divided by employment. The hires rate in the private sector backpedaled to 3.5% while the government's rate held at 1.3%. In leisure & hospitality, the hiring rate continued quite firm at 5.5% and the factory sector hires rate nudged up to 2.1%. In education & health services, the rate recovered to 2.6%. Overall hires in the private sector fell 4.8% (+0.7% y/y) but rose 3.2% for the year, a slower gain than the 4.6% rise in 2009. Hires in education & health services jumped 7.0% last year. Leisure & hospitality hires rose 4.3% for the year but factory sector hiring fell 2.1%.
The job separations rate fell to 3.0% at year-end, the lowest level since early-2011. The actual number of separations rose 1.1% y/y and 3.9% during all of 2011. Separations include quits, layoffs, discharges, and other separations as well as retirements. The layoff & discharge rate fell m/m and equaled its five year low of 1.1%. The private sector layoff rate was 1.3% while in government it was a lower 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) | Dec | Nov | Oct | Dec'11 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|---|---|---|---|
| Job Openings, Total | ||||||||
| Rate (%) | 2.6 | 2.8 | 2.7 | 2.6 | 2.6 | 2.6 | 2.2 | |
| Total (000s) | 3,617 | 3,790 | 3,665 | 3,540 | 3,617 | 3,540 | 2,902 | |
| Hires, Total | ||||||||
| Rate (%) | 3.1 | 3.3 | 3.2 | 3.2 | 38.8 | 38.0 | 37.4 | |
| Total(000s) | 4,194 | 4,403 | 4,316 | 4,188 | 51,811 | 50,006 | 48,647 | |
| Layoffs & Discharges, Total | ||||||||
| Rate (%) | 1.2 | 1.3 | 1.3 | 1.3 | 15.6 | 15.6 | 16.7 | |
| Total (000s) | 1,567 | 1,699 | 1,673 | 1,685 | 20,621 | 20,678 | 21,737 | |
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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