Charts of the Week
Job Details
Chart of the Week for May 12, 2017 - May 18, 2017
The Bureau of Labor Statistics (BLS) conducts a monthly job openings and labor turnover survey (JOLTS) that collects data on Job Openings, Hires, Quits, Layoffs and Discharges. The data is collected from approximately 16,400 establishments and covers nonfarm establishments in the private sector as well as federal, state, and local governments across the 50 states and the District of Columbia.
The chart above compares the jobs data for the months of March 2015, 2016, and 2017. The unemployment rate fell from 5.5% in March 2015 to 4.5% in March 2017, as layoffs declined 14.5% during that period while hires grew by 3.3%. Economists note an overall expanding labor market, and the growth in job openings (12.1% over the period) shows employers may be having difficulty finding qualified workers for their positions. Another indicator of a strong labor marker was the Quits rate, which grew 13.9%. Economists consider Quits growth a good sign that employees feel they can find better jobs and also consider it a leading indicator of wage growth.
Posted by: sarah_oz@yahoo.com
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