Job Openings

[Magaly]

According to the BLS, hires are any actual additions employers make to their payrolls. Job Openings can stay open for long (even because forgetting to close an opening), and sometimes not be filled at all.
Hires from JOLTS more than the level is used to measure the hiring rate (hires/total employment), to have an indicator how strong demand for labor is currently

This is also a survey, other than the payrolls survey (both with very low response rates), that’s why there will be discrepancies between all of them always btw.

[Magaly]

Job openings fell to its second lowest level of 2024 in December, at 7.6 million with -556K (vs 8m expected and 8.15m in November 2024)

This is a labor market that has gradually cooled and remains in a slow-to-hire, slow-to-fire equilibrium. This report will not change the Fed assessment about the labor market, but could give them more ease to continue in a easing bias.

• The 3-month moving average ticked up because Sept was even lower, at 7.4M
• The share of job vacancies for unemployed workers held steady at 1.1

Construction and manufacturing continue to lead job openings to the downside.

Nick Timiraos (@NickTimiraos) on X

https://x.com/EPBResearch/status/1886800768969126093/photo/1
https://www.bls.gov/news.release/jolts.nr0.htm

[Magaly]

Job openings edged up slightly in January to 7.74 million (7.63 Expected) from a downwardly revised 7.5 million in December

• This raised the three-month average for job openings to 7.76 million

• Annual growth of -8.6% in January vs -12.6% in December

• The job vacancy-to-unemployed worker ratio held steady at 1.1

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• There was very little change in January in private-sector job-market churn. Hiring and layoffs have been holding steady.

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• Construction and manufacturing job openings, which have been declining, ticked up in January

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https://x.com/NickTimiraos/status/1899461895049957850

Job Openings: Total Nonfarm

[Magaly]

The JOLTS job openings data for February came in below expectations.

• Job openings decreased to 7.568m vs. 7.658m consensus and 7.762m the previous month (revised up from 7.740m).
• There were 1.07 openings for every worker counted as unemployed in February, little changed from the recent trend.
• The quits rate unchanged at 2.0% with the previous month revised lower by 0.1%.
• Hiring rate unchanged at 3.4%, below the 2017-2019 average of 3.8%.
• The layoff rate has remained at 1.1% over the past 5 months.
  
  
  
  
  
  
  
  
  
  
  

https://x.com/NickTimiraos/status/1907072854350311599/photo/3

[Magaly]

JOLTS job openings fell to 7.192M in March, below expectations of 7.490M

• Ratio of job openings to those unemployed dropped to 1.0, matching its 4-year low.

https://www.bls.gov/news.release/jolts.t01.htm