Last week the Department of Labor, Bureau or Labor Statistics (BLS) released the November 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 November job openings had a slight decline. There are 2.6 unemployed person for every one job opening. At the start of the great recession for every job there was 1.8 unemployed persons for every job opening.
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 across the US on the last business day for November was 4 million.
The number of Job Openings during November according to the JOLTS report was little changed from the previous month. While the number of people actually hired in November came in at 4.5 million. The overall rate of hiring rate has remained unremarkable over the last 12 months. Over the year there have been 53 million people hired and 51 million separations giving a net employment gain of 2 million.
During November 4.3 million workers separated from their employer. Of that number 2.4 million voluntarily separated from their employer. This number can be important because it reflects workers willingness to leave a job suggesting a improving choice of other employment or jobs. There were 1.46 million workers who were either laid off or involuntarily discharged from their jobs during the month. Another important category JOLTS measures are the number of workers who left their job due to retirement, disability or transfer during November and that number totaled 369,000 workers.
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 – November 2013. The next national Job Openings and Labor Turnover Summary report will be released by the Labor Department on February 11, 2014 that will measure activity during December 2013.
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