- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey Press Release (Mar)
- Germany: Business Registrations & Deregistrations (Dec), Import & Export Prices (Feb), IAB Labor Market Barometer (Mar)
- Vietnam: GDP (Q1), CPI, IP, International Trade, Passenger & Cargo Traffic Statistics, Manufacturing Sales and Inventories, International Visitor Arrivals (Mar); Korea: Economic Sentiment
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Economy in Brief
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller February 9, 2016
The job market improved greatly last year. The job openings rate increased to 3.8% for the full-year, a record high for the series which dates back to 2000. It improved to 3.8% during December, also a record high, up from 3.4% in December 2014. The private sector job openings rate of 4.0% compared to 2.3% in the public sector. The job openings rate is the number of job openings on the last business day of the month as a percent of total employment plus job openings. Hiring was less ebullient. The hires rate of 43.4% for the full-year was well below the 47.2% high in 2001. The December reading held at 3.7% for the second month. The private sector rate of 4.1% compared to 1.7% in the public sector. The hires rate is the number of hires during the month divided by employment. The Bureau of Labor Statistics reports these figures in its Job Openings & Labor Turnover Survey (JOLTS).
The actual number of job openings increased 15.0% for the full-year, less than the 2014 gain of 22.6%. Openings rose 4.9% in December to 5.607 million and were 15.0% higher versus 2014. An 15.7% y/y rise in private sector openings was led by a 47.9 surge in construction. That was followed by a 21.4% y/y increase in health care & social assistance. Factory sector openings improved 17.7% y/y. That was followed by 9.3% y/y growth in retail, 9.2% y/y growth in leisure & hospitality and a 7.4% y/y improvement in professional & business services. In the government sector, job openings increased 8.1% y/y.
The number of hires increased 4.6% during all of 2015, less than the 8.4% 2014 rise. In December, they rose 2.3% y/y to 5.361 million. Private sector hiring grew 1.5% y/y, reflecting a 13.2% increase in leisure & hospitality hiring, but a 28.3% y/y decline in the number of construction sector jobs. Professional & business services employment grew 7.1% y/y while health care & social assistance jobs improved 3.2%. The factory sector shed 1.4% of its workers while retail trade jobs declined 2.2% y/y. Government sector hiring advanced 15.0% y/y.
The total job separations rate remained at 3.5%. That was down from a 3.6% March high. The actual number of separations increased 3.5% y/y. Factory sector separations increased 6.7% y/y while education & health care separations gained 3.7% y/y. Professional & business services separations increased 8.8% y/y and leisure & hospitality separations rose 12.7% y/y. Retail trade separations declined 1.7% y/y. Separations include quits, layoffs, discharges, and other separations as well as retirements.
The layoff & discharge rate returned to a record low 1.1%. The private sector rate of 1.2% was an all-time low and that compared to 0.5% in the public sector. Layoffs overall declined 8.4% y/y in the private sector but jumped 18.6% y/y in the public sector.
The JOLTS survey dates to December 2000 and the figures are available in Haver's USECON database.
|JOLTS (Job Openings & Labor Turnover Survey, SA)||Dec||Nov||Oct||Dec '14||2015||2014||2013|
|Job Openings, Total|
|Layoffs & Discharges, Total|