Earlier this week the Department of Labor, Bureau or Labor Statistics (BLS) released the May 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 May job openings was little changed from the previous month.
There were 4.6 million job openings on the last business day of May up from the 4.5 million openings in April. The number of Job Openings during May according to the JOLTS report increased by 100,000 from the previous month. Three of the four regions across the country saw increases in job openings. While the number of people actually hired in May came in at 4.7 million little changed from April.
During May there were 4.5 million who voluntarily left their jobs which was mostly unchanged from April. This number can be important because it reflects workers willingness to leave a job suggesting a improving choice of other employment or jobs. The overall rate of hiring rate has remained unremarkable over the last 12 months. Over the year there have been 55.3 million people hired and 53 million separations giving a net employment gain of 2.3 million.
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 – May 2014. The next national Job Openings and Labor Turnover Summary report will be released by the Labor Department on August 12, 2014 that will measure activity during June 2014.
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