JOLTs: Job Openings Increase Modestly

Bottom Line: The reported level of vacancies rose and put the November level modestly above its 12-month average. On a trend basis job openings are increasing at a pace somewhat faster than hires. Across all industries net hiring was positive. The quit rate was unchanged at 2.0%, while the layoff & discharge rate was unchanged at 1.2%. The number of job openings as a % of short-term unemployed (less than 27 weeks) was little changed at 93%. Job Openings ROSE by 82k in November to 5.431 million, compared with market expectations of an increase to 5.450 million. The prior month was revised slightly lower from 5.383 million to 5.349 million. Government job openings ROSE by 16k. Consequently, private sector job openings ROSE by 67k. Over the past 12 months, there were 545k more job openings, 774k above their March 2007 pre-recession peak level. Job Hires ROSE by 29k in November to 5.197 million. Over the past 12 months, there were 171k more job hires, still 272k below their November 2006 pre-recession peak level. Job Separations ROSE by 29k in November to 4.930 million. Over the past 12 months, there were 302k 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 0.01 point from 0.97 to 0.96 and is at its 12 month average of 0.96. The Number of Unemployed to Job openings ratio FELL by 0.02 points from 1.48 to 1.46 and is moderately below its 12 month average of 1.58. This ratio has been declining since its July 2009 peak of 6.7 amid some volatility.