Update: There were 4 million jobs openings in November, beating analyst expectations for 3.93 million, according to the BLS’ JOLTS report.
There were 4.5 million hires in November, basically no change from October.
The quit rate also remained essentially unchanged, at 1.8% for total non-farm. Quits are up over the last 12 months.
Before: Heads up! We’re just minutes away from the JOLTS report.
JOLTS tracks job openings, hires, and separations, and is the oft-neglected younger sibling to the BLS’ big monthly jobs report.
Janet Yellen, the new Fed chair, has cited the JOLTS report as an important labour market indicator.
Based on last month’s FOMC meeting, those at the Fed will definitely be watching the JOLTS report for at least one important reason — quits.
Here’s Pantheon’s Ian Sheperdson (via Ben White):
In the minutes of the December FOMC meeting, members are reported citing a number of indicators supporting their view that the labour market is improving. One of these indicators was the ‘uptrend in quits’, a measure of the proportion of employees voluntarily leaving their jobs, reported in the JOLTS survey. ... [S]o the quit rate has moved smartly up the agenda. Incoming Chair Yellen is a long-standing fan of the JOLTS survey, so we expect to hear a good deal more about it in the period ahead.
It makes sense. If people feel good about the labour market, they are more likely to quit their job.
We’ll also be looking at job openings, of course. Coming to you live at 10:00 a.m.