If you noticed that the unemployment rate went to 4.9%, you might also want to take notice that there are also millions of job openings in America. The Bureau of Labor Statistics reported its Job Openings and Labor Turnover Survey, or the JOLTS report, for the month of December.
The number of job openings rose to 5.6 million in December. The hires and separations were little changed at 5.4 million and 5.1 million, respectively.
One key issue that is viewed is not just the job openings. It is the so-called quits rate within separations. This was 2.1%, versus the 1.1% for layoffs and discharges rate.
The job openings rate was 3.8%. Job openings increased in construction (+69,000), nondurable goods manufacturing (+60,000) and durable goods manufacturing (+26,000). Job openings rose in several industries over the year, with the largest changes in health care and social assistance (+172,000) and finance and insurance (+99,000).
Another view is that the number of hires is now higher than the 5.0 million from December 2007. The hires rate was 3.7% in December 2015, edging up in professional and business services and little changed in all other industries and in the regions.
Quits are generally voluntary separations initiated by the employee. This is how you measure the workforce’s willingness or ability to leave jobs for other upward or alternative opportunities. Workers willingness to quit creates job mobility because as they go elsewhere it makes for more openings.
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