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

Jobs · ORIGINAL ECONOMIC RELEASE

Job Openings and Labor Turnover: May 2009

On the last business day of May job openings in the U.S. numbered 2.6 million, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The hires rate at 3.0 percent in May was at the lowest point since the series…

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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 May job openings in the U.S. numbered 2.6 million, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The hires rate at 3.0 percent in May was at the lowest point since the series began in December 2000. The total separations rate at 3.3 percent declined over the month. 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 job openings rate remained unchanged in May at 1.9 percent. In May, the job openings rate increased significantly in retail trade; the rate decreased significantly in accommodation and food services and state and local government. Since May 2008, the number of job openings has declined by 1.5 million, or 36 percent. (See table 1.)

Over the 12 months ending in May, the job openings rate (not seasonally adjusted) fell significantly in the majority of industries. Federal government experienced a significant increase in the job openings rate. The job openings rate declined significantly in all four regions. (See table 5.)

Hires The hires level was little changed at 4.0 million in May. The hires rate was 3.0 percent in May. The hires rate declined significantly in retail trade but did not change significantly in the remaining industries. Regionally, the South experienced a significant decrease in the hires rate. The hires rate for the remaining regions did not change significantly. (See table 2.)

Over the 12 months ending in May, the hires rate (not seasonally adjusted) increased significantly in federal government due to hiring of temporary workers for Census 2010. The hires level decreased significantly over the year for total nonfarm, falling by 829,000 or 16 percent since May 2008. Total private and many industries showed significant declines in the hires rate including mining and logging; durable goods manufacturing; real estate and rental and leasing; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and state and local government. Regionally, the hires rate dropped significantly over the past 12 months in the Midwest, South, and West. The rate did not change significantly in the Northeast. (See table 6.)

Separations Total separations includes quits (voluntary separations), layoffs and discharges (involuntary separations), and other separations (including retirements). The total separations, or turnover, rate (seasonally adjusted) decreased to 3.3 percent in May. The total separations rate (not seasonally adjusted) decreased significantly over the 12 months ending in May for total nonfarm, total private, and government. (See tables 3 and 7.)

The quits rate can serve as a measure of workers’ willingness or ability to change jobs. Although the rate was unchanged over the month at 1.3 percent in May, it remained at the lowest point in the 8- year series. Quits have fallen to 1.7 million, a decline of 904,000 or 34 percent since May 2008. (See table 4.)

Over the 12 months ending in May, the quits rate (not seasonally adjusted) was significantly lower for total nonfarm, total private, and government. The majority of industries experienced a significant decline in the quits rate. The quits rate did not rise significantly over the past 12 months in any industry. The quits rate fell significantly over the past 12 months in all four regions. (See table 8.)

The layoffs and discharges component of total separations is seasonally adjusted at the total nonfarm, total private, and government levels. Layoffs and discharges in May were 2.3 million for total nonfarm, 2.2 million for total private, and 121,000 for government, corresponding to layoffs and discharges rates of 1.7 percent, 2.0 percent, and 0.5 percent, respectively. The layoffs and discharges rate did not change significantly in May for total nonfarm, total private, or government.

Over the 12 months ending in May, the layoffs and discharges rate (not seasonally adjusted) rose significantly for total nonfarm, total private, and many industries including mining and logging; construction; durable goods manufacturing; wholesale trade; finance and insurance; and professional and business services. The rate decreased significantly in health care and social assistance and arts, entertainment, and recreation. In the remaining industries, the layoffs and discharges rate did not change significantly. The Midwest was the only region to experience a significant increase in the layoffs and discharges rate over the 12 months ending in May; the remaining regions did not change significantly. (See table 9.)

The other separations series is not seasonally adjusted. In May, there were 287,000 other separations for total nonfarm, 242,000 for total private, and 45,000 for government. Compared to May 2008, the number of other separations was little changed for total nonfarm, total private, and government. (See table 10.)

The total separations level is influenced by the relative contribution of its three components—quits, layoffs and discharges, and other separations. The percentage of total separations at the total nonfarm level attributable to the individual components has varied over time. The proportion of quits decreased from 59 percent in January 2008 to 38 percent in April 2009. Quits made up 40 percent of total separations in May 2009. The proportion of layoffs and discharges increased from 33 percent in August 2006 to 54 percent in April 2009. Layoffs and discharges made up 53 percent of total separations in May 2009. (See tables 3 and 4, and table B above.)

Net Change in Employment In each month from June 2008 to May 2009, separations exceeded hires. Over the 12 months ending in May, hires totaled 52.9 million and separations totaled 57.8 million yielding a net employment loss of 4.9 million.

The Job Openings and Labor Turnover release for June 2009 is scheduled to be issued on Wednesday, August 12.

Source: U.S. Bureau of Labor Statistics · Original release Jul 7, 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 earlierJun 7, 2009Publication referenceJul 7, 200930 days laterAug 6, 2009
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®5.29%Observed 5.32%Observed +3 bps vs. earlier reference5.22%Observed −10 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

Apr 7, 2009 – Oct 7, 2009
Historical mortgage and Treasury observations around Jul 7, 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%5.25%6.00%Publication date30-year fixed mortgage: 4.87% · Apr 9, 200930-year fixed mortgage: 4.82% · Apr 16, 200930-year fixed mortgage: 4.80% · Apr 23, 200930-year fixed mortgage: 4.78% · Apr 30, 200930-year fixed mortgage: 4.84% · May 7, 200930-year fixed mortgage: 4.86% · May 14, 200930-year fixed mortgage: 4.82% · May 21, 200930-year fixed mortgage: 4.91% · May 28, 200930-year fixed mortgage: 5.29% · Jun 4, 200930-year fixed mortgage: 5.59% · Jun 11, 200930-year fixed mortgage: 5.38% · Jun 18, 200930-year fixed mortgage: 5.42% · Jun 25, 200930-year fixed mortgage: 5.32% · Jul 2, 200930-year fixed mortgage: 5.20% · Jul 9, 200930-year fixed mortgage: 5.14% · Jul 16, 200930-year fixed mortgage: 5.20% · Jul 23, 200930-year fixed mortgage: 5.25% · Jul 30, 200930-year fixed mortgage: 5.22% · Aug 6, 200930-year fixed mortgage: 5.29% · Aug 13, 200930-year fixed mortgage: 5.12% · Aug 20, 200930-year fixed mortgage: 5.14% · Aug 27, 200930-year fixed mortgage: 5.08% · Sep 3, 200930-year fixed mortgage: 5.07% · Sep 10, 200930-year fixed mortgage: 5.04% · Sep 17, 200930-year fixed mortgage: 5.04% · Sep 24, 200930-year fixed mortgage: 4.94% · Oct 1, 2009Apr 7, 2009Jul 7, 2009Oct 7, 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$1,669.64/month

5.32% · Jul 2, 2009

At the later reference$1,651.04/month

5.22% · Aug 6, 2009

The illustrative principal-and-interest payment is $18.60 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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