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JOLTs: Job Openings & Hires Increase Again

September 7, 2016
Bottom Line: The reported level of vacancies rose and put the July level sharply 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 to 2.1%, while the layoff & discharge rate was unchanged at 1.1%. The number of job openings as a % of short-term unemployed (less than 27 weeks) is now 102.1% vs. 97.2% vs last month.

Job Openings ROSE by 228k in July to 5.871 million, compared with market expectations of an increase to 5.630 million.

Government job openings FELL by 14k. Consequently, private sector job openings ROSE by 243k. Over the past 12 months, there were 83k more job openings and they are now 1,214k above their March 2007 pre-recession peak level.

Job Hires ROSE by 55k in July to 5.227 million. Over the past 12 months, there were 143k more job hires , 242k below their November 2006 pre-recession peak level.

Job Separations FELL by 27k in July to 4.937 million. Over the past 12 months, there were 143k more job separations.

The Hires to Job openings ratio FELL by 0.026 points from 0.917 to 0.890 and is modestly below its 12 month average of 0.943. The Number of Unemployed to Job openings ratio FELL by 0.06 points from 1.38 to 1.32 and is modestly below its 12 month average of 1.42. This ratio has been declining since its July 2009 peak of 6.7 amid some volatility.
Article by contingentmacro