Latest Job Openings And Labor Turnover (JOLTS) Report
Posted on Wed Jan 3 2024, 9:12
Analysis of one of the leading indicators. This report is widely followed by investors to get a timely understanding of employment situation. Here we analyze the latest numbers for November 30, 2023.
Job Openings are considered as one of the leading indicators that provides an important insight into the undercurrents in the economy. Historically, Federal Reserve members have considered this report essential to decide economic policy.
Number of Unemployed per Job Openings
Jay Powell has mentioned in conferences that he gives a lot of value to the Unemployed to Job Openings ratio. As of November 30, 2023 this ratio stands at 0.72. A ratio less than 1 shows a strong job market with number of unemployed people less than number of job openings.
The number of job openings stood at 8.79 millions which is -1956000 lower than one year ago and -62000 lower than a month ago. The job openings rate stood at 5.3%.
Grufity Job Market Conditions Index
Grufity.com's Job Market Conditions Index is a leading indicator that measures various parameters across job and employment situation in the country. The indicator shows that the job market is worsening rapidly (although coming down from a very high levels).
Hires and Hiring Rate
In November 30, 2023, the number of hires were 5.46 millions. The hiring rate stood at 3.5%. Hires include all additions to the payroll during the month including full-time and part-time hires.
Total separations in November 30, 2023 were 5.34 millions. Out of these 1.53 millions were layoffs/Discharges and 3.47 millions were Quits. Total separation rate stood at 3.4%. Of which, Quits rate stood at 3.47% and Layoffs/Discharges rate stood at 1.53%.
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