Job openings rose to 10.925 million in December

[mahatmakanejeeves]

Last edited Tue Feb 1, 2022, 11:51 AM - Edit history (2)

Source: Yahoo! Finance

Yahoo Finance

Job openings rose to 10.925 million in December

Emily McCormick · Reporter
Tue, February 1, 2022, 10:01 AM

The number of job openings and quits each held at historically elevated levels in December, with worker leverage remaining high as labor demand persisted.

Vacancies across the U.S. totaled 10.925 million at the end of 2021, the Labor Department said in its latest Job Openings and Labor Turnover Summary (JOLTS). (1) This compared to 10.775 million openings in November, according to the revised monthly print. Consensus economists had anticipated December vacancies would come in at 10.3 million, according to Bloomberg data.

The latest report represented a seventh straight month that job openings held above the 10 million level, underscoring the ongoing tightness in the labor market as employers struggle to find enough workers to fill positions. Vacancies had set an all-time high of nearly 11.1 million in July, and trended only slightly lower since then. Before the pandemic, job openings had averaged around 7 million per month throughout 2019.

And beneath the surface, churn within the labor market has also increased over the course of 2021. Another 4.3 million individuals quit their jobs in December, coming down only slightly from a record high of 4.5 million in November. And the quits rate was little changed at 2.9%, or just a tick below November's record rate of 3.0%. A higher quits rate typically indicates workers are more confident that they will be able to find new jobs after voluntarily leaving their current ones.

{snip}

(1) https://www.bls.gov/news.release/jolts.nr0.htm

Read more: https://finance.yahoo.com/news/jolts-job-openings-labor-department-december-2021-150137642.html

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DUers, you'll have several opportunities to hate Emily McCormick this week. There are all sorts of reports to be released, and she'll be writing about all of them.

[mahatmakanejeeves]

1. Job-search site Indeed: Elevated Job Openings Show Early Sign of a Pullback

ECONOMY | U.S. ECONOMY

Elevated Job Openings Show Early Sign of a Pullback

Job-search site Indeed estimated a decrease in one million postings in the third week of January from a month ago

By Bryan Mena
[e-mail]
Feb. 1, 2022 5:30 am ET

Employers pulled back on demand for workers last month amid signs the economy was starting to cool as the Omicron variant of Covid-19 spread rapidly across the U.S., according to private-sector estimates of job openings.

There were 10.8 million job openings on Jan. 21, according to an analysis of postings by jobs site Indeed, a decrease of more than a million from its estimate for the end of December.

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[mahatmakanejeeves]

2. From the source, the U.S. Bureau of Labor Statistics:

December job openings change little, hires and total separations decrease

Economic News Release USDL-22-0152

Job Openings and Labor Turnover Summary

For release 10:00 a.m. (ET) Tuesday, February 1, 2022

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

JOB OPENINGS AND LABOR TURNOVER - DECEMBER 2021

The number of job openings was little changed at 10.9 million on the last business day of December, the U.S. Bureau of Labor Statistics reported today. Hires and total separations decreased to 6.3 million and 5.9 million, respectively. Within separations, the quits rate was little changed at 2.9 percent. The layoffs and discharges rate was little changed at 0.8 percent, a series low. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, by four geographic regions, and by establishment size class.

Job Openings

On the last business day of December, the number of job openings was little changed at 10.9 million. The job openings rate was unchanged at 6.8 percent. Job openings increased in several industries with the largest increases in accommodation and food services (+133,000), information (+40,000), and nondurable goods manufacturing and state and local government education (+31,000 each). Job openings decreased in finance and insurance (-89,000) and in wholesale trade (-48,000). The number of job openings was little changed in all four regions. (See table 1.)

Hires

In December, the number of hires decreased to 6.3 million (-333,000). The hires rate was little changed at 4.2 percent. Hires decreased in professional and business services (-159,000). Hires decreased in the West region. (See table 2.)

Separations

Total separations includes quits, layoffs and discharges, and other separations. Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers' willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations includes separations due to retirement, death, disability, and transfers to other locations of the same firm.

{snip}
____________
The Job Openings and Labor Turnover Survey estimates for January 2022 are scheduled to be released on Wednesday, March 9, 2022 at 10:00 a.m. (ET).

[mahatmakanejeeves]

3. Links to earlier reports:

Tue Jan 4, 2022: Job openings reach 10.6 million in November as tight labor market persists

Wed Dec 8, 2021: BLS Report: October job openings increase, total separations edge down, and hires change little

Related:

Wed Jan 27, 2021: BLS Report: Gross job losses 20.4 million and gross job gains 5.7 million in the 2nd quarter of 2020

People come; people go.

This is JOLTS, the Job Openings and Labor Turnover Survey. It comes out a few days after the monthly payroll employment report.

The number of quits indicates how confident people are of finding another job if they leave the one they have.

Previous reports:

Fri Nov 12, 2021: BLS Report: September job openings and hires little changed, quits at a series high

Tue Oct 12, 2021: BLS Report: August job openings and hires decrease; total separations little changed

Wed Sep 8, 2021: BLS Report: July job openings increase to series high; hires and total separations little changed

Mon Aug 9, 2021: BLS Report: June job openings increase to series high; hires increase and total separations edge up

Wed Jul 7, 2021: BLS Report: May job openings and hires little changed; total separations decrease

Tue Jun 8, 2021: BLS Report: April job openings reach series high; total separations increase and hires little change

Tue May 11, 2021: BLS Report: March job openings reach a series high; hires and total separations little changed

Tue Apr 6, 2021: BLS Report: Job openings and hires edge up in February; total separations little changed

Fri Mar 12, 2021: BLS Report: Total separations decrease in January; job openings and hires change little

Tue Feb 9, 2021: BLS Report: Job openings and total separations little changed in December; hires decrease

Tue Jan 12, 2021: BLS Report: Job openings and hires little changed in November; total separations increase

Wed Dec 9, 2020: BLS Report: Job openings (6.7 million) and hires little changed; separations increase in October

Thu Nov 12, 2020: BLS Report: Job openings (6.4 million), hires, and separations little changed in September

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October job openings increase, total separations edge down, and hires change little

Economic News Release USDL-21-2099

Job Openings and Labor Turnover Summary
For release 10:00 a.m. (ET) Wednesday, December 8, 2021
Technical information: [phone] • [e-mail] • www.bls.gov/jlt
Media contact: [phone] • [e-mail]

JOB OPENINGS AND LABOR TURNOVER – OCTOBER 2021

The number of job openings increased to 11.0 million on the last business day of October, the U.S. Bureau of Labor Statistics reported today. Hires were little changed at 6.5 million and total separations edged down to 5.9 million. Within separations, the quits rate decreased to 2.8 percent following a series high in September. The layoffs and discharges rate was unchanged at 0.9 percent. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, by four geographic regions, and by establishment size class.

{snip}

____________
The Job Openings and Labor Turnover Survey estimates for November 2021 are scheduled to be released on Tuesday, January 4, 2022 at 10:00 a.m. (ET).
* * * * *

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Information from these releases will be made available to sensory impaired individuals upon request. Voice phone: [phone], Federal Relay Services: 1-800-877-8339.

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[Alexander Of Assyria]

4. Worker leverage....?? Labour is just another expense line input for business.

Business want something in times of shortage…like microchips or labour…pay up!

It’s elementary economics, quit your whining and open your fat pocketbooks flush with tax dor the rich tax cuts of the last five years.

We want our money back, but we will be nice and work for it. Seems like fair deal.

[IronLionZion]

6. Many employers have grown used to screwing workers during recession

and are overdue for a rude awakening.

[IronLionZion]

5. This is a tremendous opportunity for collective bargaining and unionization

so workers can get better working conditions, benefits, pay, etc. It's the first time in my lifetime when workers have more leverage than employers.