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On the last business day of August, there were 4.1 million job openings in the United States, and the job openings rate was 2.9 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The job openings rate was unchanged in August, while the hires rate and the total separations rate were essentially unchanged. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector by industry and geographic region.
Job Openings
In August, the job openings rate remained at 2.9 percent. The rate has been 2.9 percent for 6 of the past 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 August in any industry. Region- ally, the job openings rate declined in the Northeast and West. The season- ally adjusted job openings rate was highest in August in accommodations and food services (4.1 percent). (See table 1.)
Over the year, the job openings rate rose in finance and insurance. The rate fell over the year in natural resources and mining; transportation, ware- housing, and utilities; and information. Regionally, the job openings rate fell over the year in the Northeast and Midwest. (See table 5.)
Hires
The hires rate was little changed at 3.4 percent in August. Hires are any additions to the payroll during the month. In August, the hires rate did not change significantly in any industry or region. As in nearly every month, the seasonally adjusted hires rate was highest in August in accommo- dations and food services (6.4 percent). (See table 2.)
From August 2006 to August 2007, the hires rate increased in nondurable manufacturing; finance and insurance; and federal government. The hires rate decreased in durable manufacturing; retail trade; transportation, ware- housing, and utilities; and state and local government. Regionally, the hires rate fell over the year in the South. (See table 6.)
Separations
The total separations, or turnover, rate was essentially unchanged at 3.2 percent in August. Separations are terminations of employment that occur at any time during the month. Over the month, the separations rate did not change significantly in any industry or region. From August 2006 to August 2007, the total separations rate increased in finance and insur- ance and in state and local government. Over the year, the total separa- tions rate decreased in transportation, warehousing, and utilities and in other services. Geographically, the total separations rate did not change significantly in any region. (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 August and has been 1.9 percent for 5 months in a row. None of the industries or regions experienced a significant change in the quits rate over the month. As in every month since the series began in December 2000, the seasonally adjusted quits rate was highest in August in the accommodations and food services indus- try (4.6 percent). (See table 4.)
Over the year, the quits rate rose in finance and insurance. The quits rate fell over the year in many industries, including retail trade; trans- portation, warehousing, and utilities; information; educational services; other services; and federal 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 August, the lay- offs and discharges rate (1.3 percent) and level (1.8 million) were un- changed from a year earlier. The layoffs and discharges rate in August 2007 was highest in construction (3.3 percent). Over the year, the other separations rate (0.2 percent) and level (319,000) were essentially un- changed. (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 sepa- rations attributable to quits has risen and fallen over time along with to- tal 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 August 2007, quits accounted for 58 percent of total separations.
Flows in the Labor Market
Several industries consistently have high rates of both hires and separa- tions. These include construction; retail trade; professional and business services; arts, entertainment, and recreation; and accommodations and food services. In the 12 months ending in August 2007, these 5 industries produc- ed 34.1 million hires and 32.3 million separations. Thus, these five indus- tries accounted for 58 percent of total nonfarm hires and 59 percent of total nonfarm separations while comprising only 39 percent of total nonfarm employ- ment.
Although the month-to-month changes in job openings and turnover data are often small, some industries are experiencing significant over-the-year change. From August 2006 to August 2007, finance and insurance had increases in the job openings, hires, and quits rates. Transportation, warehousing, and util- ities had decreases in the job openings, hires, and quits rates; information had decreases in the job openings and quits rates.
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 obtained by e-mailing Joltsinfo@bls.gov or by calling (202) 691-5870.
The Job Openings and Labor Turnover release for September 2007 is scheduled to be issued on Tuesday, November 6.
Source: U.S. Bureau of Labor Statistics · Original release Oct 10, 2007.
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