Tue Jun 09 09:00:00 CDT 2015

Consensus Consensus Range Actual Previous Revised
Job Openings 5.038M 5.025M to 5.050M 5.376M 4.994M 5.109M

The hawks have something to talk about with the April JOLTS report where job openings surged to 5.376 million, far above the Econoday consensus for 5.038 million and the high estimate at 5.050 million. This is the highest reading in the history of the series going back to 2000. Year-on-year, openings are up an eye-popping 22 percent!

And the report includes a big upward revision for March, to 5.019 million vs an initial 4.994 million. April's job openings rate rose to 3.7 percent from 3.5 percent.

This report will boost talk among the hawks that slack in the labor market is evaporating and that employers will have to raise wages to fill positions. Other readings include a tick lower for the quits rate, to 1.9 percent, and a tick lower for the separations rate, to 3.5 percent from 3.6 percent.

Market Consensus Before Announcement
JOLTS data had been very strong until the March report which was very weak. But a big gain is expected for April, one that would underscore last week's very strong employment report for May. Job openings are seen at 5.038 million vs March's 4.994 million.

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.

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.