RE and economic charts: Economic Jolt: Job Openings and Labor Turnover Sept + BLS: Job Openings increase in September

Tuesday, November 8, 2011

Economic Jolt: Job Openings and Labor Turnover Sept + BLS: Job Openings increase in September

[mEDITate-OR:
miss two very significant factoids.
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First, the number of quits is increasing.
Previously, we saw a lot more firings and layoffs, balanced with an almost equal number of hires.
Now, we see more people quitting, balanced with an almost equal number of hires.
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Previously, that was an employer's market.
Now, it might be an employee's market.
People might feel that, since the number of jobs being lost is slowing down,
now is "The Time" to find a better job.
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What we do not know from this is whether they are escaping a "bad paying" job...
or finding much better opportunities.
One suspects that it tis a wee bit of both.
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As Nike tells U.S.: "Just DO it!"
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Second, the number of people leaving their jobs, for whatever reason has increased, but so has the number of people being hired.
However, that does NOT mean that the total unemployed went down.
and it does not mean that the total employed went up
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So, the labor "participation rate" may not have changed.
Nor, may the identities of who has and who has not got a job.
But, there is a LOT more movement, of people.
Very interesting.
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First, some CR observations:
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Although the number of job openings remained below the 4.4 million openings when the recession began in December 2007,
the level in September was 1.2 million higher than in July 2009 (the most recent trough for the series).
The number of job openings has increased 38 percent since the end of the recession in June 2009.
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Quits increased in September, and have been trending up - and quits are now up about 11% year-over-year.
These are voluntary separations and more quits might indicate some improvement in the labor market.
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Second, about The Charts.
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The 1st-CR chart shows U.S. "everything at once"
From Jan 08 to Jan 10 there was a massive decline in "quits" - The blue area.
From Jan 10 we see an increase in both job opening and quits.
While new hires tanked in the first 2/3rds of 10, hires are trending back up.
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The next group of PaperEconomy charts from Sold at the Top show U.S. a very different view to CR's, but using the same basic data. More detail about each factor - hires, fires, and quits.
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Two very good use of charts to show U.S. the real economic jobs picture
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Compare and enjoy.
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