The latest job openings and labor turnover survey (JOLTS) from the Bureau of Labor Statistics, one of Federal Reserve chair Janet Yellen’s favorite economic indicators, showed that there were 6.08 million job openings in America in August (lagged release). That was a larger pullback than expected from the all-time high hit in July but still one of the best readings on record.
Most of the weakness occurred in the non-durable goods manufacturing (-48,000), educational services (-51,000), and other services (-95,000) categories in August but there were still solid gains in job openings in the healthcare and social assistance (+71,000), and durable goods manufacturing (+31,000) sectors. Elsewhere in the report, the number of unemployed Americans per job opening slid to a near-record low and the ratio of quits to layoffs and discharges continued to rebound. Altogether these measures remain supportive of U.S. workers’ increased willingness to give up their current job security for better employment opportunities (upward pressure on wages).
Sources: Econoday, ZH, U.S. DoL, FRBSLPost author: Charles Couch