KHH1 wrote:
By Joseph Lawler | January 13, 2015 | 10:45 am
There were just under 5 million job postings advertised in November, the Bureau of Labor Statistics reported Tuesday.
The job openings number beat Wall Street's expectations, as businesses continued to add positions at a fast pace toward the end of 2014.
Hiring was flat in the month, while job separations were down, according to the BLS' Job Openings and Labor Turnover Survey.
The data on job openings and hiring released by the Labor Department on Tuesday lags the more widely-followed jobs report by a month. Officials at the Federal Reserve and investors still watch the report closely, however, because it contains more detailed information about the state of labor markets in the U.S. relating to the pace of labor market churn.
With 4.97 million job openings advertised on the last day of November, total job openings were up 20 percent year over year. The highest job creation mark on record is 5.27 million, set in 2001.
Actual hiring, however, was not as fast to improve over the course of 2014.
There were 4.99 million hires in November, below the 5 million-plus levels for September and October. Hiring is up by slightly less than 10 percent annually and below the healthy levels that held before the recession began.
Nevertheless, Tuesdays report on gross hiring and layoffs adds evidence that U.S. labor markets are tightening.
The number of unemployed workers for each posted job opening was 1.8 in November, the lowest ratio of the recovery and the same ratio that applied when the recession officially began in December of 2007. Then, the unemployment rate was 5 percent, rather than the 5.8 percent it was in November.
Other details from Tuesdays report hinted at underlying strength in job creation. Total separations, including layoffs, retirements, deaths and firings, fell from 4.86 million to 4.62 million.
Within separations, quits were essentially flat, as the quit rate remained steady at 1.9 percent of all workers. Top officials, such as the Federal Reserves Chairwoman Janet Yellen, have identified rising quits as a sign of underlying strength in job creation, as workers feel confident enough in their employment prospects to leave their jobs.
Job creation and hiring were up in both the private sector and government month-to-month and over the course of the year, reflecting both an increase in commercial activity and ongoing improvements in state and local budgets strained by the fallout from the financial crisis.
Over the course of 2014, increased labor market churn and rising numbers of advertised jobs t***slated into accelerating net job creation. The economy averaged 289,000 new jobs a month over the last three months of 2014, and 246,000 jobs for the entire year. That rate was well above the 194,000 monthly average for 2013.
By Joseph Lawler | January 13, 2015 | 10:45 am br... (
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These numbers will be revised by the end of the quarter, happens every time.