The financial markets already got a view of June’s payrolls and unemployment data last week. That mutes the reaction to each JOLTS report handily. Still, its acts a basis for workers’ decisions going forward when it comes to pursuit of other opportunities.
May’s number of hires was unchanged at 5.0 million, while separations was little changed at 4.7 million. Within that separations report, the ever-important quits rate was unchanged at 1.9%. The layoffs and discharges rate was little changed at 1.2%.
The job openings rate for May 2015 was 3.6%. Job openings were shown to have increased in nondurable goods manufacturing and in state and local government. Job openings rose the most over the year in retail trade, professional and business services, and health care and social assistance. We are seeing an impact in oil jobs as the number of job openings decreased over the year in mining and logging.
What matters about the number of quits is that it pertains to the decision workers make to leave their post. Generally speaking, that is for a promotion or a position elsewhere that is more desirable. In short, you have to have workers quitting their jobs for there to be a healthy environment full of opportunities. The BLS says about the quits rate:
Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. … The number of quits (not seasonally adjusted) increased over the 12 months ending in May for total nonfarm and total private, and was little changed for government. Over the year, quits increased in health care and social assistance and in accommodation and food services.
Again, this is not a market-moving report. Still, there are more positions open and more workers are willing to quit their existing jobs to pursue new opportunities. Now all that has to happen for the jobs picture to truly look good is that the dismal labor force participation rate has to pick back up.
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