Today we finally hit my target level for job openings at 6,200,000. While I would love to write more about this I am on vacation in Jumby Bay, so forgive the brief article.
Some reference to my thesis on job openings can be found in my article a few months ago when we finally hit the 6,000,000 mark.
The number of job openings increased to 6.2 million on the last business day of June, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and separations were little changed at 5.4 million and 5.2 million, respectively. Within separations, the quits rate and the layoffs and discharges rate were little changed at 2.1 percent and 1.2 percent, respectively. This release includes estimates of the number and rate of job openings, hires, and separations for the non farm sector by industry and by four geographic regions.
Some charts to look over.
The quit percentage is elevated in this cycle but hasn’t moved much in recent months. I would estimate this index will go higher once the U6 unemployment rate breaks under 8%. Today the U6 unemployment rate stands at 8.6% so that data point has legs to go lower to it’s natural floor rate around 8%
Some breakdown in different job sectors of the job openings data from the BLS.
#Jolts Mining and lodging
#JOLTS healthcare and social assistance
#JOLTS Professional and business services
For more breakdown information, I would recommended this BLS site
Logan Mohtashami is a financial writer and blogger covering the U.S. economy with a specialization in the housing market. Logan Mohtashami is a senior loan officer at AMC Lending Group, which has been providing mortgage services for California residents since 1987. Logan also tracks all economic data daily on his own facebook page https://www.facebook.com/Logan.Mohtashami