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 6.093 million job openings in America in September (lagged release). That was a larger increase than expected from August’s upward-revised print and just fractionally below the all-time high hit earlier this year.
Most of the new job openings in September were found in the professional and business services arena (+156,000). The uptick in openings is in sync with last week’s release of the nonfarm payrolls report for October which showed a sharp rebound in hiring. Other highlights from the latest JOLTS report include that the number of unemployed Americans per job opening slid to a record low in September, and the ratio of quits to layoffs and discharges rose to the best reading since May. 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, U.S. DoL, ZH, Bloomberg, FRBSLPost author: Charles Couch