Indignant Bears’ New Deal democrat discusses JOLTS ceaselessly. I’m not positive if everybody is aware of what it means. I imagine it requires a brief rationalization. The acronym JOLTS is an abbreviation for “Job Openings and Labor Turnover Survey.” The Bureau of Labor Statistics (BLS) produces JOLTS experiences month-to-month and likewise annual estimates of job openings, hires, and separations for the nation. The BLS additionally produces month-to-month state estimates for all 50 states and the District of Columbia on the complete nonfarm trade degree.
New Deal democrat is posting a couple of revision to yesterday’s JOLTS report.
JOLTS revisions level to even weaker latest jobs market
– by New Deal democrat
Earlier than I deal with this morning’s shopper inflation report, yesterday I promised an replace of the benchmark revisions to the varied JOLTS indexes, for causes that I believe shall be obvious upon viewing the graphs.
As I wrote yesterday, job openings for the earlier 12 months have been revised downward by a mean of about -300,000 monthly:
Hires have been revised downward by a mean of about -100,000 monthly:
And quits have been revised downward by about -60,000 monthly:
Layoffs and Discharges weren’t materially affected.
Why did I make a degree of this? As a result of all through the latter a part of final yr there was concern that continued deceleration may tip into outright declines. This appeared to reverse in the previous couple of months. However as I wrote a number of weeks in the past in discussing the most recent replace for the “gold standard” QCEW census for Q3 of final yr, barring revisions in that sequence it seems to be very very like final yr’s employment scenario was even weaker than we thought on the time.
And the revisions to the JOLTS sequence are of a bit with that additional downshift. The newest data is that just lately the roles market has remained constructive, however solely weakly so.
“January JOLTS report: monthly increases, but significant downward revisions to 2024,” – Indignant Bear by New Deal democrat
