US: JOLTS


Tue Mar 10 09:00:00 CDT 2015

Consensus Consensus Range Actual Previous Revised
Job Openings 5.075M 5.025M to 5.220M 4.998M 5.028M 4.877M

Highlights
There were 4.998 million job openings on the last business day of January, little changed from 4.877 million in December, the U.S. Bureau of Labor Statistics reported today. Hires decreased to 4.996 million in January from 5.239 million the prior month. Separations were little changed at 4.821 million versus 4.901 million in December. Within separations, the quits rate was little changed at 2.0 percent and the layoffs and discharges rate was unchanged at 1.2 percent.

The number of job openings was the highest level since January 2001. The job openings rate for January was 3.4 percent.

Effective with this release, revisions to data from January 2010 forward incorporate annual updates to the Current Employment Statistics employment estimates and the Job Openings and Labor Turnover Survey seasonal adjustment factors.

There were 2.799 million quits in January, little changed from December's 2.715 million. The quits rate in January was 2.0 percent. The number of quits was little changed for total private and unchanged for government over the month. Quits increased in January in professional and business services and in health care and social assistance.

Market Consensus Before Announcement
The Labor Department's Job Openings and Labor Turnover Survey showed that there were 5.028 million job openings on the last business day of December, slightly improved from 4.847 million in November. Hires (5.148 million) and separations (4.886 million) were little changed in December. Within separations, the quits rate (1.9 percent) and the layoffs and discharges rate (1.2 percent) were unchanged. There were 5.148 million hires in December, slightly higher than November's 5.054 million. This was the highest level of hires since November 2007. There were 4.9 million total separations in December, little changed from November. This was the highest level of separations since October 2008. The separations rate was 3.5 percent. The number of total separations was little changed for total private and government. There were 2.717 million quits in December, little changed from November.

Definition
The JOLTS report is the Labor Department's Job Openings and Labor Turnover Survey. The headline number is job openings.

The JOLTS report defines Job Openings as all positions that are open (not filled) on the last business day of the month. A job is "open" only if it meets all three of the following conditions:
* A specific position exists and there is work available for that position. The position can be full-time or part-time, and it can be permanent, short-term, or seasonal, and
* The job could start within 30 days, whether or not the establishment finds a suitable candidate during that time, and
* There is active recruiting for workers from outside the establishment location that has the opening.

Active recruiting means the establishment is taking steps to fill a position. It may include advertising in newspapers, on television, or on radio; posting Internet notices; posting "help wanted" signs; networking with colleagues or making "word of mouth" announcements; accepting applications; interviewing candidates; contacting employment agencies; or soliciting employees at job fairs, state or local employment offices, or similar sources.

Job Openings does not include:
* Positions open only to internal transfers, promotions or demotions, or recall from layoffs
* Openings for positions with start dates more than 30 days in the future
* Positions for which employees have been hired, but the employees have not yet reported for work
* Positions to be filled by employees of temporary help agencies, employee leasing companies, outside contractors, or consultants. A separate form is used to collect information from temporary help/employee leasing firms for these employees.

JOLTS defines hires as all additions to the payroll during the month. JOLTS defines separations as all employees separated from the payroll during the calendar month.



Description
Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changessuch as job openings, hires, and separations.