by Calculated Risk on 12/17/2019 10:05:00 AM
Tuesday, December 17, 2019
Notes: In October there were 7.267 million job openings, and, according to the October Employment report, there were 5.855 million unemployed. So, for the twentieth 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 5 years).
From the BLS: Job Openings and Labor Turnover Summary
The number of job openings edged up to 7.3 million (+235,000) on the last business day of October, 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 1.2 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 October at 3.5 million and the rate was unchanged at 2.3 percent. Quits increased in other services (+66,000) and educational services (+12,000). Quits decreased in retail trade (-63,000) and in durable goods manufacturing (-21,000).
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 October, the most recent employment report was for November.
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 October to 7.267 million from 7.032 million in September.
The number of job openings (yellow) are down 4% year-over-year.
Quits are up 1% 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.