| JOB OPENINGS AND LABOR TURNOVER – SEPTEMBER 2017
This is a true factor to supply and demand. As we are now in Q4 and moving into the holiday season, some industries slow down and some like retail go gangbusters. Note: These numbers are intended to go 2-months back to show true turnover numbers to give a complete story, rather than the how good we are doing in hiring. Let’s not forget the folks that no longer have jobs. Ratio:
The numbers are looking good once again, but tighter than the past. However, please do your due diligence and know that these numbers don’t necessarily talk about the people that have taken themselves out of the workforce or are underemployed.* |
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| Summary
The number of job openings was little changed at 6.1 million on the last business day of September, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and separations were also little changed at 5.3 million and 5.2 million, respectively. Within separations, the quits rate and the layoffs and discharges rate were little changed at 2.2 percent and 1.2 percent, respectively. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by four geographic regions. Job Openings On the last business day of September, there were 6.1 million job openings, little changed from August. Job openings have been at or near record high levels since June. The job openings rate was 4.0 percent in September. The number of job openings was little changed for total private and for government. Job openings increased in professional and business services (+156,000), other services (+52,000), state and local government education (+36,000), and federal government (+15,000). Job openings decreased in Net Change in Employment Large numbers of hires and separations occur every month throughout the business cycle. Net employment change results from the relationship between hires and separations. When the number of hires exceeds the number of separations, employment rises, even if the hires level is steady or declining. Conversely, when the number of hires is less than the number of separations, employment declines, even if the hires level is steady or rising. Over the 12 months ending in September, hires totaled 63.9 million and separations totaled 62.1 million, yielding a net employment gain of 1.8 million. These totals include workers who may have been hired and separated more than once during the year. For the full report: http://www.bls.gov/news.release/jolts.nr0.htm |
Underemployment is a huge dilemma and unfortunately, we don’t talk about that in the mainstream numbers because they do not look good.
“Although the country’s U-3 unemployment rate, as it’s officially known, currently sits at 5.5 percent (which is considered to be a historically low percentage), that number only accounts for a small subset of Americans – those without jobs who have actively looked for work in the last four weeks.”
Read more from this quote and article Unemployment Indicators Only Tell Part of the Story By Andrew Soergel | Staff Writer June 19, 2015
