- US: GDP & Corporate Profits (Q4, 3rd release)
- Canada: Industrial Products & Raw Material Prices (Feb)
- Spain: Flash HICP and CPI, Construction Business Survey Press (Mar)
- Euro area: EC Business and Consumer Surveys (Mar)
- Belize: GDP (Q4)
- Chile: IP (Feb); Brazil: Retail Trade - Rebased 2014=100 (Jan)
- Croatia: Employment, Retail Trade Press (Feb), Earnings (Jan); Bulgaria: PPI (Feb); Montenegro: Wages (Feb); Latvia: Retail Trade (Jan); Lithuania: External Debt Service (Q4);
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Economy in Brief
U.S. Initial Claims for Unemployment Insurance Ease
Initial jobless insurance applications fell to 258,000 (-3.1% y/y) during the week ended March 25...
U.S. Pending Home Sales Jump
The NAR reported that pending home sales increased 5.5% in February to an index level of 112.3...
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...
by Tom Moeller July 12, 2016
The job openings rate declined to 3.7% during May from the record high of 3.9%. The private sector job openings rate fell to 3.9% from 4.2%. This rate compared to 2.4% in the public sector. The 4.8% rate in professional & business services compared to 4.7% in leisure & hospitality. The factory sector's 2.8% was accompanied by 2.7% in construction. 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. The Bureau of Labor Statistics reports these figures in its Job Openings & Labor Turnover Survey (JOLTS).
The hires rate in May held steady m/m at 3.5%, but that was the lowest level since August 2014. The private sector rate eased to 3.8%, also the lowest since 2014. The 6.4% rate in leisure & hospitality compared to 2.9% in education & health services. The hires rate of 5.0% in professional & business services was down from the December high of 5.9%. The public sector hires rate was stable at 1.6%. The hires rate is the number of hires during the month divided by employment.
The actual number of job openings declined 5.9% (+2.1% y/y) after hitting a record 5.845 million in April. A 2.2% y/y rise in private sector openings was led by a 10.5% y/y increase in education & health services. Factory sector hiring rose 7.0% y/y, but professional & business hiring declined 10.0% y/y. Retail trade job openings increased 10.2% y/y and leisure & hospitality rose 6.0% y/y. Government sector job openings gained 1.5% y/y following gains of 7.6% and 39.8% in 2015 and 2014.
The number of hires declined 1.0% (-1.5% y/y) to 5.036 million in May, the fourth decline in five months. Hires grew 5.2% during all of last year and 8.2% in 2014. Private sector hiring declined 1.8% y/y versus peak 8.3% growth in 2014. Employment in professional & business services fell 5.5% y/y, retail employment was off 7.4% y/y and construction sector jobs declined 5.3% y/y. Offsetting these declines, jobs in education & health services improved 7.9% y/y. Factory sector hiring grew 6.0% y/y and leisure & hospitality jobs rose 3.9% y/y. The number of public sector jobs grew 3.6% y/y.
The total job separations rate eased to 3.4%, down from its cycle high of 3.6%. The actual number of separations increased 1.7% y/y. Factory sector separations rose 13.2% y/y while construction sector job separations increased 7.2% y/y. Leisure & hospitality separations increased 7.9 y/y, and education & health services separations rose 6.5% y/y. Working the other way, information services separations declined 16.2% y/y and financial sector separations eased 0.5% y/y. Government sector job separations increased 3.7% y/y. Separations include quits, layoffs, discharges, and other separations as well as retirements.
The layoff & discharge rate remained stable at 1.2%. The private sector rate of 1.3% was near the all-time low, and compared to 0.5% in the public sector. Layoffs overall declined 2.2% y/y in the private sector, and were unchanged 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)||May||Apr||Mar||May '15||2015||2014||2013|
|Job Openings, Total|
|Layoffs & Discharges, Total|