by Bill McBride on 8/06/2013 11:16:00 AM
Tuesday, August 06, 2013
From the BLS: Job Openings and Labor Turnover Summary
There were 3.9 million job openings on the last business day of June, little changed from May, the U.S. Bureau of Labor Statistics reported today. The hires rate (3.1 percent) and separations rate (3.0 percent) also were little changed in June. ...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.
Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. ... The number of quits (not seasonally adjusted) was little changed over the 12 months ending in June for total nonfarm, total private, government, all industries, and all four regions.
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 June, the most recent employment report was for July.
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 in June to 3.936 million, up from 3.907 million in May. The number of job openings (yellow) is the highest since 2008, but openings are only up 4% year-over-year compared to June 2012.
Quits were down in June, and quits are up about 1% 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 - and the data is noisy month-to-month, but the general trend suggests a gradually improving labor market.
Posted by Bill McBride on 8/06/2013 11:16:00 AM