by Calculated Risk on 3/15/2019 10:12:00 AM
Friday, March 15, 2019
Notes: In January there were 7.581 million job openings, and, according to the January Employment report, there were 6.535 million unemployed. So, for the eleventh 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 (4 years).
From the BLS: Job Openings and Labor Turnover Summary
The number of job openings was little changed at 7.6 million on the last business day of January, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and separations were little changed at 5.8 million and 5.6 million, respectively. Within separations, the quits rate was unchanged at 2.3 percent and the layoffs and discharges rate was little changed at 1.1 percent. ...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 was little changed in January at 3.5 million. The quits rate was 2.3 percent. The quits level was little changed for total private but increased 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 January, the most recent employment report was for February.
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 increased in January to 7.581 million from 7.479 million in December.
The number of job openings (yellow) are up 15% year-over-year.
Quits are up 15% 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.