Charts of the Week
Job Details
Chart of the Week for May 11, 2018 - May 17, 2018
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 March in 2016, 2017, and 2018. The unemployment rate fell from 5.0% in March 2016 to 4.1% in March 2018, as layoffs declined 10.4% during that period while hires grew by 2.4%. Economists note an overall strong labor market, as Job Openings increased to 4.2% of total employment in March and Job Hires has not kept up. In March 2018, companies advertised 6.6 million jobs while only 5.4 million workers were hired, which was the biggest gap since the early 2000's. The Quits rate grew 6.4% over the period, and economists consider Quits growth a good sign that employees feel they can find better jobs. Economists remain concerned that tightness in the labor market will lead to wage growth, which could lead to higher inflation.
Posted by: sarah_oz@yahoo.com
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