U.S. Job Openings Increased Slightly in June
5.6 Million Openings, 5.1 Million Hires, 4.9 Million Separations
New York, NY—June was a solid month for the U.S. labor market, with the latest report suggesting that job openings edged up slightly.
On Wednesday, August 10, the Bureau of Labor Statistics released the latest Job Openings and Labor Turnover Summary. It showed that the number of job openings was 5.6 million at the end of June, slightly higher than the 5.5 million openings in May. (Source: “Job Openings and Labor Turnover Summary,” Bureau of Labor Statistics, August 10, 2016.)
The Job Openings and Labor Turnover Summary, also known as JOLTS, is a separate report from the Labor Department’s main Employment Situation Summary. It collects data, including hiring, job openings, and layoffs, from employers in different industries. It is a monthly survey with one month of lag.
In June, the job openings rate was 3.8%. Job openings in durable goods manufacturing increased by 37,000, while job openings in the federal government decreased by 15,000. The number of job openings in total farm, total private, and government were essentially unchanged from May to June. Region-wise, the number of job openings increased in the South and slightly in the Midwest.
Hiring did not change much. The number of hires was 5.1 million, essentially the same as in May. The hire rate was 3.6% in June. In the Northeast region, the number of hires increased.
In June, there were 4.9 million total separations. The number showed little change from May. Total separations include quits, layoffs and discharges, and other separations. Total separation is also known as turnover.
While job openings, hiring, and separation did not change much from May to June, another report from the Labor Department suggested a huge improvement in labor market conditions during this period.
The Bureau of Labor Statistics reported that the U.S. economy added 287,000 jobs in June, massively topping economists’ expectations of 175,000; the number of job gains was later revised to an even better 292,000. Meanwhile, the unemployment rate held steady at 4.9%. (Source: “Employment Situation Summary,” Bureau of Labor Statistics, August 5, 2016.)
Note that the JOLTS report has one month of lag. In July, the U.S. economy added 255,000 jobs, beating expectations again.