Charts of the Week
Job Details
Chart of the Week for December 15, 2017 - December 21, 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 October 2015, October 2016, and October 2017. The unemployment rate fell from 5.0% in October 2015 to 4.1% in October 2017, as layoffs declined 6.9% during that period while hires grew by 4.7%. Economists note an overall strong labor market, as Job Openings have been at or above six million for five consecutive months in 2017. The Quits rate grew 12.2% over the period, and economists consider Quits growth a good sign that employees feel they can find better jobs. While job data is strong, economists note weakness in wage growth. Average hourly earnings grew 2.5% over the year ended October 2017, but economists see that growth as lagging compared to employment activity.
Posted by: sarah_oz@yahoo.com
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