JOLTs: Job Openings Increase Moderately

May 10, 2016
Bottom Line: The reported level of vacancies rose and put the March level moderately above its 6- and 12-month average. On a trend basis job openings are increasing at a pace somewhat faster than hires. Across all industries net hiring was still positive. The quit rate was unchanged at 2.1%, while the layoff & discharge rate fell slightly to 1.2%. The number of job openings as a % of short-term unemployed (less than 27 weeks) is now 100% vs 99% last month. Job Hires FELL by 218k in March to 5.292 million. Over the past 12 months, there were 182k more job hires, now 177k below their November 2006 pre-recession peak level. Job Separations FELL by 114k in March to 5.045 million. Over the past 12 months, there were 60k more job separations. Workers are still quitting less than at the May 2006 pre-recession peak level. The Hires to Job openings ratio FELL by 0.06 points from 0.98 to 0.92 and is modestly below its 12 month average of 0.95. The Number of Unemployed to Job openings ratio FELL by 0.01 points from 1.39 to 1.38 and is modestly below its 12 month average of 1.48. This ratio has been declining since its July 2009 peak of 6.7 amid some volatility.
Article by contingentmacro