From Jan to Dec 2019, job openings declined by 1.2 million. 938,000 were in the last two months.
That data is from the the BLS Job Openings and Labor Turnover Survey (JOLTS) released this morning.
Job Openings
On the last business day of December, the job openings level fell to 6.4 million (-364,000), and the job openings rate decreased to 4.0 percent. Over the year, the job openings level declined by 14.9 percent. Over the month, the number of job openings decreased for total private (-332,000) and was little changed for government. The largest decreases for job openings were in transportation, warehousing, and utilities (-88,000), real estate and rental and leasing (-34,000), and educational services (-34,000).
Hires
The number of hires was little changed at 5.9 million in December. The hires rate was little changed at 3.9 percent. The hires level increased in accommodation and food services (+69,000).
Separations
In December, the number of total separations was little changed at 5.7 million and the rate was little changed at 3.8 percent. The number of total separations decreased in retail trade (-118,000) but increased in other services (+57,000). Total separations includes quits, layoffs and discharges, and other separations. Total separations is referred to as turnover. Quits are generally voluntary separations initiated by the employee.
Quits
The number of quits was little changed in December at 3.5 million and the rate was unchanged at 2.3 percent. Quits decreased in retail trade (-111,000) and arts, entertainment, and recreation (-20,000).
Layoffs and Discharges
The number of layoffs and discharges was little changed in December at 1.9 million and the rate was unchanged at 1.2 percent. Layoffs and discharges increased in other services (+61,000) and arts, entertainment, and recreation (+47,000). The number of layoffs and discharges decreased in state and local government, excluding education (-15,000) and federal government (-3,000).
Year-Over-Year Changes
What’s Going On?
I have alway been sceptical of reported “openings”.
I propose that many openings are just to put government pressure on allowing more H-1B visa entrants to temporarily employ foreign workers in specialty occupations.
Regardless, the plunge is extraordinary in the last two months and year-over-year.
In the past year, the number of opening year-over-year has gone from +22.0% to -14.9%.
Mike “Mish” Shedlock
Obviously nothing in these reports that is of concern to the ever increasing stock market.
Hard to keep in mind that the transfer of digital zeros is now lightning fast and seamless.
Rockwell Collins supplies electronics to the aeronautics and military industry. My brother is an engineer there. They were notified last month that their travel budget is “0” this year due to cuts in orders from Boeing. That hasn’t ever happened since he’s been there. He was hired in 2003.
Eye opener
Job openings
December 2018 … 7.479 million
December 2019 … 6.423 million
Looking forward to bullz explain’ … and how long till one blames on virus (nevermind we’re referring to DECEMBER) …
Which, BTW, is when the ‘virus’ broke out in China. The earliest data I can find is from January 17th where the nCoV had been identified and 41 cases confirmed. The ‘tell’ here was that 3 cases had already spread abroad. Wuhan airport, on average has 3400 international travelers day.
My conclusion is that supply chains were already breaking down in December due to absenteeism in Chinese factories in December.
Fixed the year-over-year chart
Not sure what it means given the economy was tepid in 2018 anyway. The incentives from the tax cut and other measures were done in 2017.