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Job Openings Soar Amid Record Surge In Americans Quitting Their Job

Courtesy of ZeroHedge View original post here.

With the BLS's JOLTs, or job openings and labor turnover survey, coming in with an extra month delay, we already knew that both the June and July jobs data would come in well stronger than expected, after the record surge in May (if only after the catastrophic April loss of 20MM jobs), and sure enough that's what the BLS confirmed moments ago when it revealed that in June the number of job openings jumped from a revised 5.371 million to 5.889 million, smashing expectations 5.3MM job openings, and at 518K, the biggest monthly increase in five years, since July 2015 (however, only after plunging by nearly 2 million in March and April).

Job openings rose in a number of industries with the largest increases in accommodation and food services (+198,000), other services (+69,000), and arts, entertainment, and recreation (+34,000). Job openings decreased in construction (-70,000) and in state and local government education (-26,000). The number of job openings increased in the Northeast and Midwest regions

Separately,  we already knew that the series of 24 consecutive months in which there were more job openings than unemployed workers ended with a thud in March, in April it was an absolute doozy with 18 million more unemployed workers than there are job openings, the biggest gap on record. In June, the gap closed somewhat, with 11.9 million more unemployed than available job openings (after 15.6 million in May).

As a result, there were just over 3 unemployed workers for every job opening.

There was a slight slowdown in the number of hires which after soaring by a record 7.2 million in May (which in turn followed a  decade-low 4 million print in April) dipped by just over 500k to 6.696MM in June which still was the second highest print on record. Hires decreased in a number of industries, with the largest fall in other services (-326,000), followed by health care and social assistance (-282,000), and construction (-181,000). Hires increased in professional and business services (+255,000), accommodation and food services (+78,000), and state and local government, excluding education (+30,000)

As the pace of hires slowed in June, separations rose modestly from 4.2 million to just 4.758 million. Total separations increased in many industries in June 2020 with the largest increases in accommodation and food services (+175,000), retail trade (+103,000), and durable goods manufacturing (+58,000). The number of total separations decreased in state and local government education (-59,000) and federal government (-12,000)

Of these, the number of layoffs and discharges was little changed at 1.9 million and the rate was unchanged at 1.4 percent in June. The rate, which had reached a series high of 7.6 percent in March, declined to 1.4 percent in May, and remains near its pre-pandemic rate of 1.2 percent in February. In June, the layoffs and discharges level decreased in health care and social assistance (-71,000), state and local government, excluding education (-24,000), and federal government (-10,000). Layoffs and discharges increased in accommodation and food services (+70,000) and durable goods manufacturing (+38,000)

But perhaps the most notable aspect of the latest JOLTS reports, and yet another indicator of the strong rebound in the labor market, is that the number and rate of quits – the so-called take this job and shove it indicator – soared to 2.6 million (+531,000) and 1.9 percent, respectively, as Americans felted emboldened enough to quit their current job in hopes or expectations of finding a higher paying job elsewhere. Quits increased in a number of industries with the largest increases in health care and social assistance (+106,000), accommodation and food services (+104,000), and retail trade (+99,000). Quits decreased in state and local government education (-40,000). The number of quits increased in all four regions.


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