Tuesday, August 07, 2012

June Job Openings Highest in Four Years

Highlights from today's Job Openings and Labor Turnover report from the BLS:

1. There were 3.76 million total job openings and 3.4 million private job openings on the last day of June, up from 3.65 million openings and 3.28 million, respectively, in May. The number of job openings has been steadily trending upward since the end of the recession in June 2009 (see top chart above).

2. Private job openings in June were at the highest level in more than four years, since May 2008, and total June job openings were the highest since July 2008. 

3. The overall number of seasonally adjusted job openings in June increased over the year by 16% and for total private openings by almost 17%.  Openings for government jobs fell by 12.8% over the year.

4. June job openings in the manufacturing sector were above 300,000 for the second time this year, a level of factory job openings not seen since 2007. 

5. In another sign that the labor market is slowly recovering, the number of private workers voluntarily quitting their jobs has been steadily increasing since the recession ended and been around the 2 million level for the last four months starting in March.  That's up by about 31% since the recession-related low of 1.51 million quits in September 2009.   

6 Comments:

At 8/07/2012 3:22 PM, Blogger Jon Murphy said...

Although the data only goes back to 2000 (thus only giving us a small sample size), it does appear that JOLTs are, in fact, a leading economic indicator. This is interesting because employment is a lagging indicator. I wonder if the delay is caused by the lengthy hiring process?

 
At 8/07/2012 9:44 PM, Blogger juandos said...

"4. June job openings in the manufacturing sector were above 300,000 for the second time this year, a level of factory job openings not seen since 2007"...

Really?...

 
At 8/08/2012 6:57 AM, Blogger joshua said...

But I thought the fiscal cliff was making businesses reluctant to hire!!!!!!!!!

 
At 8/08/2012 11:12 AM, Blogger juandos said...

"But I thought the fiscal cliff was making businesses reluctant to hire"...

They're NOT hiring to any to any great degree...

 
At 8/08/2012 4:57 PM, Blogger bart said...

Another leading indicator, the used vehicle value index, is not looking very good. It doesn't look good for auto sales, and the pattern is similar to late 2007.

Last 6 months, YOY:

1.8%
1.6%
-0.4%
-2.1%
-3.2%
-3.7%

 
At 8/08/2012 5:09 PM, Blogger bart said...

Also, JOLT has no data on what the new jobs pay in relation to old jobs amd also make no mention of whether it's full tgime or part time - at least that I know of.

And then there's this: "Between 2007 and 2009, more than half the full-time workers who lost jobs that they had held for at least three years and then found new full-time work by early last year reported wage declines, according to the Labor Department. Thirty-six percent reported the new job paid at least 20% less than the one they lost." (WSJ)

 

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