by Calculated Risk on 8/06/2019 10:06:00 AM
Tuesday, August 06, 2019
Notes: In June there were 7.348 million job openings, and, according to the June Employment report, there were 5.975 million unemployed. So, for the sixteenth 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 (over 4 years).
From the BLS: Job Openings and Labor Turnover Summary
The number of job openings was little changed at 7.3 million on the last business day of June, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and separations were little changed at 5.7 million and 5.5 million, 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 was little changed in June at 3.4 million. The quits rate was 2.3 percent. The quits level was little changed for total private and decreased for government (-19,000).
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.
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 June to 7.348 million from 7.384 million in May.
The number of job openings (yellow) are down 1% year-over-year.
Quits are up 2% 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.