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JOLTs: Job Openings & Hires Rise Modestly

January 10, 2017
Bottom Line: The reported level of vacancies rose slightly in November but is still slightly below its 6- and 12-month average. On a trend basis job openings are still increasing at a pace somewhat faster than hires. Across all industries net hiring was also still positive. The quit rate was unchanged at 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 99.4% vs. 94.4% vs last month.

Job Openings ROSE by 71k in November to 5.522 million, compared with market expectations for an increase to 5.500 million. Government job openings ROSE by 48k. Consequently, private sector job openings ROSE by 21k. Over the past 12 months, there were 324k more job openings , 865k more than the March 2007 pre-recession peak level.

Job Hires ROSE by 59k in November to 5.219 million. Over the past 12 months, there were 34k more job hires , 250k below their November 2006 pre-recession peak level. Job Separations ROSE by 62k in November to 5.028 million. Over the past 12 months, there were 70k more job separations.

The Hires to Job openings ratio FELL by 0.001 points from 0.947 to 0.945 and is modestly above its 12 month average of 0.934. The Number of Unemployed to Job openings ratio FELL by 0.08 points from 1.42 to 1.34 and is modestly below its 12 month average of 1.39. This ratio has been declining since its July 2009 peak of 6.7 amid some volatility.