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, was released this morning and it showed that there were 5.534 million job openings in America in October (lagged release). That was a decrease from September’s upward-revised 5.631 million print and one of the lower readings of 2016 to date. Moreover, total hires fell in October to 5.099 million, the second month-over-month decline in a row and the weakest reading since May. All of this is not too surprising considering that nonfarm payrolls growth has slowed in recent months, and annual growth in both hires and job openings continues to trend lower. Although this suggests that the labor market recovery may be losing momentum, the number of unemployed workers per job opening still declined in October to 1.35, one of the best readings on record. Further, the ratio of quits to layoffs and discharges ended October at 1.97, the 2nd-best print in history and a sign of U.S. workers’ increased willingness to give up their current job security for better employment opportunities.
Sources: Econoday, Bloomberg, Twitter, ZH, IHS Markit, ISM, FRBSLPost author: Charles Couch