The Bureau of Labor Statistics reported in its Job Openings & Labor Turnover Survey (JOLTS) that the July job openings rate held steady m/m at 2.4%. The latest reading remained 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 private-sector job openings rate improved m/m to 2.6% and has been moving higher since the recovery began. Professional & business services job openings rebounded sharply m/m to 3.5%. That equaled last year's average and was up from the low of 2.1%. Openings in education & health services recently have been stable as they have been in leisure hospitality. In manufacturing, openings jumped m/m and remained more-than-double the mid-2009 low. The job openings rate in government remained depressed at 1.5%.

The hires rate slipped to 3.0%, the lowest level since January. The hires rate is the number of hires during the month divided by employment. The hires rate in the private sector slipped to 3.4% versus 3.5% during Q2. The government's depressed 1.2% rate was where it's been since November. The private sector's rate was 3.4%. Overall, hires in the private sector rose a lessened 1.9% y/y. Hires in professional & business services were strongest with 10.2% y/y rise but education & health fell 7.2% y/y. 

The job separations rate has been stable recently at 3.0% but the actual number of separations fell 2.8% y/y. Separations include quits, layoffs, discharges, and other separations as well as retirements. The layoff & discharge rate alone fell to 1.3%, just above the all-time low. The private sector layoff rate held at an elevated 1.5% but in the public sector it was 0.5%.

The JOLTS survey dates only to December 2000 and the figures are available in Haver's USECON database.