Tuesday, January 08, 2019

BLS: Job Openings decrease to 6.9 Million in November

by Calculated Risk on 1/08/2019 10:07:00 AM

Notes: In November there were 6.888 million job openings, and, according to the November Employment report, there were 6.018 million unemployed. So, for the eighth 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 (almost 4 years).

From the BLS: Job Openings and Labor Turnover Summary

The number of job openings fell to 6.9 million on the last business day of November, the U.S. Bureau of Labor Statistics reported today. Over the month, hires edged down to 5.7 million, quits edged down to 3.4 million, and total separations were little changed at 5.5 million. Within separations, the quits rate and the layoffs and discharges rate were unchanged at 2.3 percent and 1.2 percent, respectively. ...

The number of quits edged down in November to 3.4 million (-112,000). The quits rate was 2.3 percent. The quits level edged down for total private (-122,000) and was little changed for government.
emphasis added
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.

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.

Job Openings and Labor Turnover Survey 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 November to 6.888 million from 7.131 million in October.

The number of job openings (yellow) are up 16% year-over-year.

Quits are up 7% year-over-year. These are voluntary separations. (see light blue columns at bottom of graph for trend for "quits").

Job openings remain at a high level, and quits are still increasing year-over-year. This was a solid report.