Yesterday the Department of Labor, Bureau or Labor Statistics (BLS) released the March Job Openings and Labor Turnover Summary (JOLTS). This BLS report provides information on the national business cycle each month reviewing large numbers of hires and separations to determine a net positive or negative change in national employment. In March job openings posted a slight increase over separations.
There were 4 million job openings on the last business day of March down from the revised 4.1 million openings in February. Hiring and separations were unchanged from the previous month, overall hiring has managed over the last year to come in just ahead of all separations and slowly chipping away at the national unemployment rate of 6.3%.
The number of Job Openings during March according to the JOLTS report was little changed from the previous month. While the number of people actually hired in March came in at 4.7 million. The overall rate of hiring rate has remained unremarkable over the last 12 months. Over the year there have been 54.7 million people hired and 52.5 million separations giving a net employment gain of 2.2 million.
During March job separations were 4.4 million and little changed from the last 12 months. Among that there were [Table 10] 2.4 million who were voluntary separations which can be important because it reflects workers willingness to leave a job Voluntary separations eludes to an improving choice of other employment or jobs. For the month voluntary separations were not strong enough to suggest confidence in economy.
While this report provides a snapshot of job openings, hires and separations it provides no insight into the quality of the jobs created nor does it track the number of part time jobs. To view the full report go to Job Openings and Labor Turnover Summary – March 2014. The next national BLS Job Openings and Labor Turnover Summary report will be released by the Labor Department on June 10, 2014 that will measure activity during April 2014.
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