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Business and Labor

New JOLTS Report Shows More of the Same: No Change to Employment Situation

(Analysis) The BLS released its report of analysis about the Job Openings and Labor Turnover Survey (JOLTS) today. There are some snippets from the news release below. No surprises, really – just more of the same.

“The number of job openings in May was 3.8 million, little changed from April.”

“The number of job openings in May (not seasonally adjusted) was little changed over the year for total nonfarm, total private, and government.”

“The hires rate was little changed in all industries and regions over the month.”

“Over the 12 months ending in May, the number of hires (not seasonally adjusted) was little changed for total nonfarm, total private, government, and in all four regions.”

How one interprets this report is fundamentally a question of prior belief. If you find the notion, supported by many economic “boosters”, that the economy is on the mend, then you will likely cheer the report. If you question whether the economy is really mending, then you will likely find the report evidence of continued lackluster economic performance in the US. This report should not change anyone’s prior assessment of the US economy.

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