- Japan: First Ten Days Trade (Mar), International Trade, Foreign Banks Foreign Banks in Japan (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency Assets, Liabilities, and Currency Flows (Feb); Australia: Flow of Funds (Q4), Job Vacancies (Q1)
- Korea: Building Permits (Feb); Philippines: LFS (Q3)
- US: IIP (Q4)
- more updates...
Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
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...
by Tom Moeller April 5, 2016
The job openings rate fell to 3.7% during February from 3.8% in the prior month, revised from 3.7%. The decline left the reading stuck in the sideways trend of the last ten months. The private sector job openings rate of 3.9% compared to 2.2% 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 stronger as past vacancies were filled. The hires rate in February totaled 3.8%, equaling the highest level of the economic expansion. The private sector rate jumped m/m to 4.2%, and compared to 1.6% 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 fell 2.8% in February to 5.445 million, but remained up 6.1% y/y. A 7.9% y/y rise in private sector openings was led by a 27.0% y/y increase in construction. That was followed by a 14.1% y/y increase in professional & business services. Retail trade openings gained 14.5% y/y, but openings in leisure & hospitality remained unchanged y/y. Trade, transportation & utilities job openings increased 9.6% y/y while openings in the factory sector improved 4.3% y/y. Job openings in the education & health services area increased 9.6% y/y. Job openings in health care & social assistance gained 6.0% y/y while leisure & hospitality openings remained unchanged y/y. In the government sector, the number of openings declined 9.3% y/y.
The number of hires recovered 5.8% m/m to 5.422 million in February, and they were up 6.5% y/y. Private sector hiring also increased 6.5% y/y, reflecting an 18.6% y/y increase in retail trade. Leisure & hospitality hiring rose 11.1% y/y while factory sector jobs rose 6.5% y/y. Professional & business services jobs increased 1.3% y/y, but construction jobs fell 2.7% y/y. Government sector hiring increased 6.9% y/y.
The total job separations rate held steady m/m at 3.5%, down from its cycle high of 3.6% in December. The actual number of separations increased 6.5% y/y. In the retail trade area, separations rebounded 15.9% y/y. Leisure & hospitality sector separations jumped 11.7% y/y. Factory sector separations increased 16.6% y/y, but professional & business services separations increased a lesser 2.3% y/y. Education & health care separations eased 0.4% y/y. Separations include quits, layoffs, discharges, and other separations as well as retirements.
The layoff & discharge rate held near the record low at 1.2%. The private sector rate of 1.3% also was near the all-time low and compared to 0.5% in the public sector. Layoffs overall increased 1.2% y/y in the private sector, and 11.1% 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)||Feb||Jan||Dec||Feb '15||2015||2014||2013|
|Job Openings, Total|
|Layoffs & Discharges, Total|