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Economy in Brief

JOLTS Indicates Improved Hiring in the US
by Tom Moeller September 7, 2004

The Job Openings & Labor Turnover Survey (JOLTS) from the Bureau of Labor Statistics suggests US job creation has picked up, albeit moderately. The hires rate rose to 3.3% in June versus a monthly low of 3.0% last Spring and 3.1% during all of last year. The latest hires rate is down from the March high of 3.5% but it equals the rate averaged so far this year.

This year's improvement in the hires rate has been paced by job growth in the manufacturing and construction industries.

The survey dates only to December 2000 but has since followed closely the movement in nonfarm payrolls.

The job openings rate also is up this year versus last but it has been stuck at 2.3% since December.

JOLTS (Job Openings & Labor Turnover Survey) June May June '03 2003 2002 2001
Job Openings Rate: Total 2.3% 2.3% 2.3% 2.1% 2.2% 2.8%
Hires Rate: Total 3.3% 3.2% 3.1% 3.1% 3.2% 3.5%
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