Job Openings at 14-Year High as Hiring Returns to Pre-Recession Levels

[mahatmakanejeeves]

Last edited Wed Feb 18, 2015, 11:56 AM - Edit history (1)

Job Openings at 14-Year High as Hiring Returns to Pre-Recession Levels

10:28 am ET
Feb 10, 2015
Economy

By Josh Zumbrun

For the first time since January 2001, the U.S. had more than five million job openings at the end of December, a sign of a labor environment shifting in favor of workers.



December was also the best month for hiring since before the recession struck more than seven years ago. More than 5.1 million people were hired in December, the most since November 2007, according to the Labor Department‘s Job Openings and Labor Turnover Survey, known as JOLTS.

The report adds to signs that the labor market is strengthening considerably. The Labor Department’s main jobs report, released on February 6, showed that November, December and January comprised the best three-month stretch of hiring since 1997, raising hope that the U.S economy will start delivering stronger wage growth for a wider swath of Americans after more than five years of sluggish recovery from a deep recession.

The Labor Department’s main jobs report shows the net change in jobs — a gain of 257,000 in January — but the JOLTS report digs one level deeper, cataloging the millions of workers each month who quit a job or are laid off, retire, start a new job or switch jobs.

The U.S. Bureau of Labor Statistics (BLS) released the report on Tuesday.

Job Openings and Labor Turnover Summary

Job Openings and Labor Turnover Summary

For release 10:00 a.m. (EST) Tuesday, February 10, 2015 USDL-15-0210

Technical information: [phone] • [e-mail] • www.bls.gov/jlt
Media contact: [phone] • [e-mail]

JOB OPENINGS AND LABOR TURNOVER – DECEMBER 2014

There were 5.0 million job openings on the last business day of December, little changed from 4.8 million in November, the U.S. Bureau of Labor Statistics reported today. Hires (5.1 million) and separations (4.9 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. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by four geographic regions.

Job Openings

There were 5.0 million job openings on the last business day of December, little changed from November. This was the highest level of job openings since January 2001. The job openings rate for December was 3.5 percent. The number of job openings was little changed for total private and increased for government in December. (See table 1.) Job openings increased for health care and social assistance and for state and local government. The number of job openings increased in the Northeast region.

The number of job openings (not seasonally adjusted) increased over the 12 months ending in December for total nonfarm, total private, and government. Job openings increased over the year for many industries including the professional and business services and the health care and social assistance industries. The number of openings increased over the year in all four regions. (See table 7.)

Hires

There were 5.1 million hires in December, little changed from November. This was the highest level of hires since November 2007. The hires rate in December was 3.7 percent. The number of hires was little changed for total private and government. Hires increased over the month in construction. The number of hires was little changed in all four regions. (See table 2.)

Here's the one for October 2014: Job Openings and Labor Turnover Summary for October 2014

[hedda_foil]

1. What wonderful news! And not a decade too soon. k/r

[4dsc]

2. No mention of wages

So I don't care if there are 10 million job opening if the wages are low. It just doesn't matter IMHO.

[Hotler]

3. No body is paying more than $10.00 an hour. n/t