by Bill McBride on 1/10/2013 10:15:00 AM
Thursday, January 10, 2013
From the BLS: Job Openings and Labor Turnover Summary
The number of job openings in November was 3.7 million, unchanged from October.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 was 2.4 million at the end of the recession in June 2009.
The number of quits (not seasonally adjusted) was little changed over the 12 months ending in November for total nonfarm and total private.
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 November, the most recent employment report was for December.
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 increased slightly in November to 3.676 million, up from 3.665 million in October. The number of job openings (yellow) has generally been trending up, and openings are up about 12% year-over-year compared to November 2011.
Quits increased slightly in November, and quits are up 8% year-over-year. These are voluntary separations. (see light blue columns at bottom of graph for trend for "quits").
Not much changes month-to-month in this report, but the trend suggests a gradually improving labor market.
Posted by Bill McBride on 1/10/2013 10:15:00 AM