Wednesday, November 11, 2026Mortgage news · Rates & market context

Jobs · ORIGINAL ECONOMIC RELEASE

Job Openings and Labor Turnover: July 2007

On the last business day of July, there were 4.2 million job openings in the United States, and the job openings rate was 3.0 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The job openings rate…

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Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

On the last business day of July, there were 4.2 million job openings in the United States, and the job openings rate was 3.0 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The job openings rate was unchanged in July, while the hires rate and the total separations rate were essentially unchanged. This release includes esti- mates of the number and rate of job openings, hires, and separations for the total nonfarm sector by industry and geographic region.

Job Openings

In July, the job openings rate remained at 3.0 percent. The rate has been 2.9 or 3.0 percent for the last 7 months. Job openings include only those jobs still open on the last business day of the month. The job open- ings rate did not change significantly in July in any industry or region. The seasonally adjusted job openings rate was highest in July in profes- sional and business services and in accommodations and food services (4.0 percent each). (See table 1.)

Over the year, the job openings rate increased in nondurable goods manu- facturing and in professional and business services. The rate decreased in the information industry. The job openings rate increased over the year in the West region. (See table 5.)

Hires

The hires rate was little changed at 3.5 percent in July. Hires are any additions to the payroll during the month. In July, the hires rate did not change significantly in any industry or region. The seasonally adjusted hires rate was highest in July in accommodations and food services (6.1 per- cent). (See table 2.)

From July 2006 to July 2007, the hires rate rose in federal government. The hires rate fell in retail trade; transportation, warehousing, and util- ities; information; finance and insurance; health care and social assistance; and state and local government. The hires rate also fell over the year in the Northeast region. (See table 6.)

Separations

The total separations, or turnover, rate was essentially unchanged at 3.2 percent in July. Separations are terminations of employment that occur at any time during the month. Over the month, the only industry to experi- ence a significant change in the separations rate was education and health services. None of the regions experienced a significant change in the sep- arations rate. From July 2006 to July 2007, the total separations rate in- creased in natural resources and mining and in federal government. The total separations rate decreased in information; real estate and rental and leasing; and educational services. Geographically, the total separations rate fell over the year in both the Northeast and Midwest regions. (See tables 3 and 7.)

Total separations include quits (voluntary separations), layoffs and discharges (involuntary separations), and other separations (including retirements). The quits rate, which can serve as a barometer of workers’ ability to change jobs, was unchanged in July, and has been 1.9 percent for 4 months in a row. None of the industries experienced a significant change in the quits rate over the month. Regionally, the quits rate decreased in the Northeast. In July, the seasonally adjusted quits rate was highest in the accommodations and food services industry (4.5 percent). (See table 4.)

Over the year, the quits rate rose in natural resources and mining. The quits rate fell over the year in durable goods manufacturing; information; real estate and rental and leasing; and state and local government. Geographically, the quits rate fell over the year in the Northeast region. (See table 8.)

The other two components of total separations--layoffs and discharges, and other separations--are not seasonally adjusted. For July, the layoffs and discharges rate (1.1 percent) and level (1.5 million) were unchanged from a year earlier. The layoffs and discharges rate in July was highest in construction (1.8 percent), followed closely by professional and busi- ness services (1.7 percent). From July 2006 to July 2007, the other sepa- rations level declined to 348,000. (See tables 9 and 10.)

The total separations rate is driven by the relative contribution of its three components (quits, layoffs and discharges, and other separations), with quits contributing the largest portion. The percentage of total separations attributable to quits has risen and fallen over time along with total nonfarm employment levels. The proportion of total separations due to quits fell from 61 percent in February 2001 to 51 percent in August 2003 (seasonally adjusted), and has since risen. In July 2007, quits accounted for 59 percent of total separations.

Flows in the Labor Market

Several industries consistently have high rates of both hires and separations. These include construction; retail trade; professional and business services; arts, entertainment, and recreation; and accommodations and food services. In the 12 months ending in July 2007, these 5 industries produced 34.2 million hires and 32.3 million separations. Thus, these five industries accounted for 58 percent of total nonfarm hires and 59 percent of total nonfarm separations while comprising only 39 percent of total nonfarm employment.

For additional information, please read the Technical Note or visit the JOLTS Web site at http://www.bls.gov/jlt/. Additional information about JOLTS also may be ob- tained by e-mailing Joltsinfo@bls.gov or by calling (202) 691-5870.

The Job Openings and Labor Turnover release for August 2007 is scheduled to be issued on Wednesday, October 10.

Source: U.S. Bureau of Labor Statistics · Original release Sep 11, 2007.

Archived Nov 11, 2026. Source reuse policy. Formatting has been adapted for reading; the source’s conclusions remain attributed to its publisher.

MortgageRates.news analysis · Historical context

The mortgage market around this release

This original analysis is separate from the source article. It compares observed benchmarks around ; historical averages and yields are not current mortgage offers.

Separate job openings from hiring

JOLTS measures unfilled openings on the last business day of a month, while hires and separations cover the whole month. Openings are not new payroll jobs. Read vacancies alongside hiring, quits and layoffs, and distinguish counts from rates and revised estimates. These measures add detail about labor demand and turnover to the policy discussion. The benchmark window below describes borrowing conditions around publication; it cannot attribute a rate change to this report. BLS Job Openings and Labor Turnover Survey.

Nearest published observation on or before each target date
Benchmark30 days earlierAug 12, 2007Publication referenceSep 11, 200730 days laterOct 11, 2007
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®6.59%Observed 6.46%Observed −13 bps vs. earlier reference6.40%Observed −6 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the TreasuryUnavailableBefore available coverage, which starts Jan 4, 2016.UnavailableBefore available coverage, which starts Jan 4, 2016.UnavailableBefore available coverage, which starts Jan 4, 2016.

Calendar references, not an intraday reaction. A same-day market observation may have been published after a morning release. These figures do not show what was known at its exact publication time. One basis point (bp) is 0.01 percentage point; changes use the actual dated observations shown.

Six months around publication

Jun 11, 2007 – Dec 11, 2007
Historical mortgage and Treasury observations around Sep 11, 2007Each dot is a published observation. No missing values are estimated. The dashed vertical line marks the article’s publication calendar date. Rates and yields are percentages.5.50%6.25%7.00%Publication date30-year fixed mortgage: 6.74% · Jun 14, 200730-year fixed mortgage: 6.69% · Jun 21, 200730-year fixed mortgage: 6.67% · Jun 28, 200730-year fixed mortgage: 6.63% · Jul 5, 200730-year fixed mortgage: 6.73% · Jul 12, 200730-year fixed mortgage: 6.73% · Jul 19, 200730-year fixed mortgage: 6.69% · Jul 26, 200730-year fixed mortgage: 6.68% · Aug 2, 200730-year fixed mortgage: 6.59% · Aug 9, 200730-year fixed mortgage: 6.62% · Aug 16, 200730-year fixed mortgage: 6.52% · Aug 23, 200730-year fixed mortgage: 6.45% · Aug 30, 200730-year fixed mortgage: 6.46% · Sep 6, 200730-year fixed mortgage: 6.31% · Sep 13, 200730-year fixed mortgage: 6.34% · Sep 20, 200730-year fixed mortgage: 6.42% · Sep 27, 200730-year fixed mortgage: 6.37% · Oct 4, 200730-year fixed mortgage: 6.40% · Oct 11, 200730-year fixed mortgage: 6.40% · Oct 18, 200730-year fixed mortgage: 6.33% · Oct 25, 200730-year fixed mortgage: 6.26% · Nov 1, 200730-year fixed mortgage: 6.24% · Nov 8, 200730-year fixed mortgage: 6.24% · Nov 15, 200730-year fixed mortgage: 6.20% · Nov 21, 200730-year fixed mortgage: 6.10% · Nov 29, 200730-year fixed mortgage: 5.96% · Dec 6, 2007Jun 11, 2007Sep 11, 2007Dec 11, 2007
30-year fixed mortgage26 observations
Dots show published observations only. Missing dates remain blank, with no interpolation. The series have different publication schedules and measure different markets.

What that benchmark difference would mean for a $300,000 loan

At the publication reference$1,888.32/month

6.46% · Sep 6, 2007

At the later reference$1,876.52/month

6.40% · Oct 11, 2007

The illustrative principal-and-interest payment is $11.80 lower per month. This holds the loan amount and term constant to show the arithmetic effect of the benchmark difference.

Assumptions: two separate hypothetical $300,000 loans, each fully amortizing over 30 years with 360 monthly payments and its stated fixed interest rate. Excludes points, lender fees, taxes, insurance, association charges and other costs. PMMS is a national average, not an APR or a personalized rate offer. These are not two payments on one existing loan.

Sources, historical coverage and calculation limits

The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.

Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.

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