June Job Openings at Record High after May Record Revised Higher; Commenter RJS from MarketWatch 666; Record Low Layoffs; Hiring, Quitting, Retiring All Much Higher The Job Openings and Labor Turnover Survey (JOLTS) report for June from the Bureau of Labor Statistics estimated that seasonally adjusted job openings rose by 590,000, from 9,483,000 in May to 10,073,000 in June, after May’s job openings were revised 274,000 higher, from 9,209,000 to 9,483,000…June jobs openings were also 64.8% higher than the 6,112,000 job openings reported in June a year ago, as the job opening ratio expressed as a percentage of the employed rose from 6.1% in May to 6,5% in June, and was up from the 4.2% rate of June a year ago…the greatest jump in June job openings
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June Job Openings at Record High after May Record Revised Higher; Commenter RJS from MarketWatch 666; Record Low Layoffs; Hiring, Quitting, Retiring All Much Higher
The Job Openings and Labor Turnover Survey (JOLTS) report for June from the Bureau of Labor Statistics estimated that seasonally adjusted job openings rose by 590,000, from 9,483,000 in May to 10,073,000 in June, after May’s job openings were revised 274,000 higher, from 9,209,000 to 9,483,000…June jobs openings were also 64.8% higher than the 6,112,000 job openings reported in June a year ago, as the job opening ratio expressed as a percentage of the employed rose from 6.1% in May to 6,5% in June, and was up from the 4.2% rate of June a year ago…the greatest jump in June job openings was in professional and business services, where openings rose by 227,000 to 1,789,000, while job openings in finance and insurance fell by 37,000 to 252,000 (see table 1 for details on other categories of job openings)…like most BLS releases, the press release for report is easy to understand and also refers us to the associated table for the data cited, which are linked at the end of the release…
The JOLTS release also reports on labor turnover, which consists of hires and job separations, which in turn is further divided into layoffs and discharges, those who quit, and ‘other separations’, which includes retirements and deaths….in June, seasonally adjusted new hires totaled 6,719,000, up by 697,000 from the revised 6,022,000 who were hired or rehired in May, as the hiring rate as a percentage of all employed rose to 4.6% from 4.2% in May, while it was still lower than the 5.6% hiring rate in June a year earlier (details of hiring by industry since January are in table 2)….meanwhile, total separations increased by 254,000, from 5,330,000 in May to 5,584,000 in June, as the separations rate as a percentage of the employed rose from 3.7% to 3.8%, which was the same as the separations rate of June a year ago (see table 3)…subtracting the 5,584,000 total separations from the total hires of 6,719,000 would imply an increase of 1,135,000 jobs in June, more than the revised payroll job increase of 938,000 for June reported by the July establishment survey last week, with at least some of that difference likely due to the difference in the date of the surveys, which is at month end for this report but is during the week of the 12th for the employment situation report….
Breaking down the seasonally adjusted job separations, the BLS finds that 3,869,000 of us voluntarily quit their jobs in June, up by 239,000 from the revised 3,630,000 who quit their jobs in May, while the ‘quits rate’, widely watched as an indicator of worker confidence, rose from 2.5% to 2.7% of total employment, which was also up from the 1.9% quits rate of a year earlier (see details in table 4)….in addition to those who quit, a record low of 1,310,000 were either laid off, fired or otherwise discharged in June, down by 43,000 from the revised record low of 1,353,000 who were discharged in May, as the discharges rate remained at a record low 0.9% of all those who were employed during the month, which was down from the discharges rate of 1.6% a year earlier (see table 5)…meanwhile, other separations, which includes retirements and deaths, were at a 53 month high of 405,000 in June, up from 334,000 in May, for an ‘other separations rate’ of 0.3%, up from 0.2% in May and in June of last year….both seasonally adjusted and unadjusted details by industry and by region on hires and job separations, and on job quits and discharges can be easily accessed using the links to tables at the bottom of the press release…