by Calculated Risk on 7/10/2018 10:10:00 AM
Tuesday, July 10, 2018
Notes: In May there were 6.638 million job openings, and, according to the May Employment report, there were 6.065 million unemployed. So, for the second consecutive month, there were more job openings than people unemployed. Also note that the number of job openings has exceeded the number of hires since January 2015.
From the BLS: Job Openings and Labor Turnover Summary
The number of job openings edged down to 6.6 million on the last business day of May, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and separations were little changed at 5.8 million and 5.5 million, respectively. Within separations, the quits rate and the layoffs and discharges rate were little changed at 2.4 percent and 1.1 percent, respectively. ...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 number of quits increased in May to 3.6 million (+212,000). The quits rate was 2.4 percent. The number of quits rose for total private (+204,000) and was little changed for government.
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 May, the most recent employment report was for June.
Click on graph for larger image.
Note that hires (dark blue) and total separations (red and light blue columns stacked) are pretty close each month. This is a measure of labor market 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 May to 6.638 million from 6.840 million in April.
The number of job openings (yellow) are up 16.7% year-over-year.
Quits are up 10.4% year-over-year. These are voluntary separations. (see light blue columns at bottom of graph for trend for "quits").
Job openings are at a high level, and quits are increasing year-over-year. This was a strong report.