by Bill McBride on 11/06/2012 10:00:00 AM
Tuesday, November 06, 2012
From the BLS: Job Openings and Labor Turnover Summary
The number of job openings in September was 3.6 million, essentially unchanged from August.The following graph shows job openings (yellow line), hires (dark blue), Layoff, Discharges and other (red column), and Quits (light blue column) from the JOLTS.
The level of total nonfarm job openings in September was up from 2.4 million at the end of the recession in June 2009.
In September, the quits rate was little changed for total nonfarm, total private, and government. The number of quits was 2.0 million in September compared to 1.8 million at the end of the recession in June 2009.
This series started in December 2000.
Note: The difference between JOLTS hires and separations is similar to the CES (payroll survey) net jobs headline numbers. This report is for September, the most recent employment report was for August.
Click on graph for larger image.
Notice that hires (dark blue) and total separations (red and light blue columns stacked) are pretty close each month. This is a measure of turnover. When the blue line is above the two stacked columns, the economy is adding net jobs - when it is below the columns, the economy is losing jobs.
Jobs openings decreased in September to 3.561 million, down slightly from 3.661 million in August. The number of job openings (yellow) has generally been trending up, and openings are only up about 2% year-over-year compared to September 2011.
Quits decreased in September, and quits are down slightly year-over-year. These are voluntary separations. (see light blue columns at bottom of graph for trend for "quits").
The trend suggests a gradually improving labor market.
Posted by Bill McBride on 11/06/2012 10:00:00 AM