JOLTs: Growth In Job Openings Resumes in Early '18

Bottom Line: The trend towards stronger growth in job openings lost momentum in late '17 but now appears to have picked back up again to start 2018. This January data showed a sharp increase in job openings and modest increase in total hires. Across all industries net hiring was still positive. The quit rate fell slightly to 2.2%, while the layoff & discharge rate rose slightly to 1.2%. The number of job openings as a % of short-term unemployed (less than 27 weeks) is now 119.9% vs. 112.0% vs last month. Job Openings ROSE by 645k in January to 6.312 million, compared with market expectations for an increase to 5960.500 million. Government job openings ROSE by 37k. Consequently, private sector job openings ROSE by 608k. Over the past 12 months, there were 868k more job openings , 1,655k more than the March 2007 pre-recession peak level. Job Hires ROSE by 59k in January to 5.583 million. Over the past 12 months, there were 123k more job hires , 114k above their November 2006 pre-recession peak level. Job Separations ROSE by 95k in January to 5.409 million. Over the past 12 months, there were 185k more job separations. The Hires to Job openings ratio FELL by 0.090 points from 0.975 to 0.885 and is modestly below its 12 month average of 0.913. The Number of Unemployed to Job openings ratio FELL by 0.10 points from 1.16 to 1.06 and is modestly below its 12 month average of 1.16. This ratio has been declining since its July 2009 peak of 6.7 amid some volatility.