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

Jobs · ORIGINAL ECONOMIC RELEASE

Job Openings and Labor Turnover: November 2008

On the last business day of November, there were 2.8 million job openings in the United States, and the job openings rate was 2.0 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The job openings…

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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 November, there were 2.8 million job openings in the United States, and the job openings rate was 2.0 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The job openings rate declined in November, matching the series low set in 2003. The hires rate fell sharply in November to a series low of 2.6 percent. The total separations rate was little changed in November, but the quits rate declined further to 1.4 percent, also 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 and geographic region.

Job Openings The number of job openings declined in November 2008, continuing the downward trend begun over a year ago. At 2.8 million in November, openings were down 1.2 million, or 30 percent, from a year ago. The job openings rate was 2.0 percent in November, matching the series low set in September 2003. The job openings rate fell at the total nonfarm level, and in manufacturing, accommodation and food services, and government. The rate increased significantly in November only in retail trade. (See table 1.)

Over the last 12 months, the job openings rate (not seasonally adjusted) rose significantly only in the retail industry and was essentially unchanged in natural resources and mining; real estate and rental and leasing; educational services; and other services. In the remaining 13 industries, the job openings rate fell significantly over the year. All four regions experienced a significant decline in the job openings rate over the year. (See table 5.)

Hires Hires fell sharply in November to 3.5 million, down 607,000 from October and 1.1 million from a year ago. The overall hires rate dropped to 2.6 percent in November due to declines in the rates for manufacturing; trade, transportation, and utilities; leisure and hospitality; and government. Regionally, the hires rate fell significantly in November in three of the four regions-Midwest, Northeast, and South. No industry or region experienced a significant increase in the hires rate in November. (See table 2.)

Over the past 12 months, the hires rate did not increase significantly in any industry or region but decreased for total nonfarm and total private and in most industries, including construction; durable goods manufacturing; nondurable goods manufacturing; retail trade; real estate and rental and leasing; professional and business services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; federal government; and state and local government. In the remainder of the industries the hires rate decreased, but not significantly. In all four regions, the hires rate dropped significantly over the past 12 months. (See table 6.)

Separations The total separations, or turnover, rate was essentially unchanged in November from October and from a year ago. The quits rate can serve as a barometer of workers' ability to change jobs. The quits rate fell in November to a new series low of 1.4 percent; the prior low was 1.5 percent, occurring in several months in 2003. Comparing November 2008 to November 2007, the quits rate was significantly lower for total nonfarm and total private and in many industries, including durable goods manufacturing; nondurable goods manufacturing; retail trade; professional and business services; healthcare and social assistance; arts, entertainment, and recreation; accommodation and food services; and state and local government. Regionally, the quits rate fell over the year in all four regions. The quits rate did not rise significantly over the past 12 months in any industry or region. (See tables 4, 7, and 8.)

The other two components of total separations-layoffs and discharges, and other separations-are not seasonally adjusted. In November, the layoffs and discharges rate (1.6 percent) and level (2.1 million) were higher than a year earlier due to increases in construction; durable goods manufacturing; information; and finance and insurance. The layoffs and discharges rate declined over the year in other services and in federal government. The other separations rate (0.2 percent) and level (285,000) were unchanged from a year earlier at the total nonfarm level. (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 varied over time and has been trending downward from a high of 61 percent in December 2006. Quits accounted for only 43 percent of total separations in November 2008, a new series low. The prior minimum was 50 percent, occurring in June 2003 and again in December 2003. (See tables 3 and 4.)

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 December 2008 is scheduled to be issued on Tuesday, February 10.

Source: U.S. Bureau of Labor Statistics · Original release Jan 13, 2009.

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 earlierDec 14, 2008Publication referenceJan 13, 200930 days laterFeb 12, 2009
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®5.47%Observed 5.01%Observed −46 bps vs. earlier reference5.16%Observed +15 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

Oct 13, 2008 – Apr 13, 2009
Historical mortgage and Treasury observations around Jan 13, 2009Each 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.4.50%5.50%6.50%Publication date30-year fixed mortgage: 6.46% · Oct 16, 200830-year fixed mortgage: 6.04% · Oct 23, 200830-year fixed mortgage: 6.46% · Oct 30, 200830-year fixed mortgage: 6.20% · Nov 6, 200830-year fixed mortgage: 6.14% · Nov 13, 200830-year fixed mortgage: 6.04% · Nov 20, 200830-year fixed mortgage: 5.97% · Nov 26, 200830-year fixed mortgage: 5.53% · Dec 4, 200830-year fixed mortgage: 5.47% · Dec 11, 200830-year fixed mortgage: 5.19% · Dec 18, 200830-year fixed mortgage: 5.14% · Dec 24, 200830-year fixed mortgage: 5.10% · Dec 31, 200830-year fixed mortgage: 5.01% · Jan 8, 200930-year fixed mortgage: 4.96% · Jan 15, 200930-year fixed mortgage: 5.12% · Jan 22, 200930-year fixed mortgage: 5.10% · Jan 29, 200930-year fixed mortgage: 5.25% · Feb 5, 200930-year fixed mortgage: 5.16% · Feb 12, 200930-year fixed mortgage: 5.04% · Feb 19, 200930-year fixed mortgage: 5.07% · Feb 26, 200930-year fixed mortgage: 5.15% · Mar 5, 200930-year fixed mortgage: 5.03% · Mar 12, 200930-year fixed mortgage: 4.98% · Mar 19, 200930-year fixed mortgage: 4.85% · Mar 26, 200930-year fixed mortgage: 4.78% · Apr 2, 200930-year fixed mortgage: 4.87% · Apr 9, 2009Oct 13, 2008Jan 13, 2009Apr 13, 2009
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$1,612.30/month

5.01% · Jan 8, 2009

At the later reference$1,639.93/month

5.16% · Feb 12, 2009

The illustrative principal-and-interest payment is $27.63 higher 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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