- New Zealand: International Trade (Feb)
- Korea: Consumer Survey Index (Mar); Philippines: Public Finance (Jan)
- Weekly: **Initial Claims Data Revisions Completed**
- Euro area: Flash Consumer Confidence Indicator (Mar)
- US: New Residential Sales (Feb)
- Belgium: Business Survey (Mar)
- Uruguay: GDP (Q4)
- more updates...
Economy in Brief
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Tom Moeller August 10, 2016
The total job openings rate nudged higher to 3.8% during June following a May decline to 3.7%. The record high of 3.9% had been reached in April. The private sector job openings rate also improved to 4.0% from 3.9%, but remained below the record high. These rates compared to 2.3% in the public sector which was higher than the 1.6% averaged in 2011. The 5.0% rate in professional & business services compared to 4.7% in leisure & hospitality. In education & health services the rate also averaged 4.7%. The factory sector's 3.0% rate was accompanied by 3.0% 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 total hires rate in June nudged higher m/m to 3.6%, but that was well below December's 3.8%. The private sector rate held steady at 3.9%, but was down from 4.2% in February. The 6.6% rate in leisure & hospitality compared to 2.8% in education & health services. The hires rate of 4.9% in professional & business services was down from the December high of 5.9%. A 2.3% rate in manufacturing compared to 4.2% in construction The public sector hires rate has been little changed at 1.6% since early 2015. The hires rate is the number of hires during the month divided by employment.
The actual number of job openings rose 2.0% (8.8% y/y) following a 5.7% decline. An 8.2% y/y rise in private sector openings was led by a one-third y/y increase in manufacturing. That was followed by an 11.4% y/y increase in education & health services, but professional & business hiring declined 7.8% y/y. Retail trade job openings increased 10.3% y/y and leisure & hospitality rose 11.4% y/y. Government sector job openings strengthened 15.1% y/y following gains of 7.6% and 39.8% in 2015 and 2014.
The number of hires increased 1.7% (-0.3% y/y) to 5.131 million in June. That increase followed four consecutive months of decline. Hires grew 5.2% during all of last year and 8.2% in 2014. Private sector hiring declined 1.0% y/y versus peak 8.3% growth in 2014. Employment in professional & business services fell 4.9% y/y; retail employment was off 8.7% y/y and construction sector jobs declined 12.4% y/y. Offsetting these declines, jobs in leisure & hospitality increased 9.7% y/y; education & health services hiring improved 7.9% y/y and factory sector employment grew 5.6% 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% in February. The actual number of separations eased 0.6% y/y. Leisure & hospitality separations increased 6.1% y/y, and education & health services separations rose 8.3% y/y. Factory sector separations nudged 0.7% higher y/y. Working the other way, construction sector job separations fell 13.1% y/y, information services separations declined 12.0% y/y and financial sector separations eased 4.3% y/y. Government sector job separations were little changed y/y. Separations include quits, layoffs, discharges, and other separations as well as retirements.
The layoff & discharge rate slipped to 1.1% from 1.2% and matched the record low. The private sector rate of 1.3% has been stable for three months near the all-time low of 1.2%. That compared to a lessened 0.4% in the public sector. Layoffs overall declined 7.2% y/y in the private sector, but were off 17.8% 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)||Jun||May||Apr||Jun '15||2015||2014||2013|
|Job Openings, Total|
|Layoffs & Discharges, Total|