Today the Department of Labor, Bureau or Labor Statistics (BLS) released the February 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 February job openings had a slight increase over separations.
There were 4.2 million job openings on the last business day of February up from the 3.9 million openings in January. Hiring and separations were unchanged from the previous month, overall hiring has managed over the last year to come in ahead of all separations and slowly chipping away at the national unemployment rate of 6.7%.
The number of Job Openings during February according to the JOLTS report was little changed from the previous month. While the number of people actually hired in February came in at 4.6 million. The overall rate of hiring rate has remained unremarkable over the last 12 months. Over the year there have been 54.2 million people hired and 52.2 million separations giving a net employment gain of 2.1 million.
During February those who voluntarily left their jobs was little changed from the last 12 months. This number can be important because it reflects workers willingness to leave a job suggesting a improving choice of other employment or jobs. Suggesting that the recovery has not inspired confidence in the economy to risk leaving a job.
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 – February 2014. The next national Job Openings and Labor Turnover Summary report will be released by the Labor Department on May 9, 2014 that will measure activity during March 2014.
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