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08 10 2016 | by Victor Xing | Economics

June JOLTS: a small rebound in vacancy and hire rates

June JOLTS

The June JOLTS (Job Openings and Labor Turnover Survey) saw a small rebound in vacancy (3.8% vs. 3.7% prior) and hire (3.6% vs. 3.5% prior) rates following preceding months’ decline.  The highly watched quit rate, however, remain unchanged at 2.0%.  Details within the report, however, indicate a rebound in the manufacturing sector, but construction appear to suffer declines in both hire and quit rates.

June JOLTS
JOLTS vacancy, hire and quit rates

The rise in hire rate was uneven across industries.  A surprising decline in construction was offset by rises in low-income accommodation and leisure sectors, healthcare, as well as a rebound in manufacturing:

  • Leisure and hospitality: 6.6% vs. 6.4% prior
  • Accommodation and food services: 6.4% vs. 6.3% prior
  • Professional and business services: 4.9% vs. 4.9% prior
  • Construction: 4.2% vs. 4.9% prior
  • Trade, transportation and utilities: 3.8% vs. 3.7% prior
  • Health care and social assistance: 2.9% vs. 2.8% prior
  • Education and health services: 2.8% vs. 2.8% prior
  • Non-durable goods manufacturing: 2.6% vs. 2.3% prior
  • Durable goods manufacturing: 2.1% vs. 2.1% prior
  • Manufacturing: 2.3% vs. 2.2% prior
  • State and local government: 1.6% vs. 1.6% prior
  • Government: 1.6% vs. 1.6% prior

June JOLTS

June JOLTS
Hire rate dipped in the construction sector

The unchanged quit rate was also more nuanced.  Despite a decline across numerous sectors, the rise in manufacturing as well as local and state governments managed to offset the negative drag:

  • Accommodation and food services at 4.4% vs. 4.6% prior
  • Leisure and hospitality at 4.2% vs. 4.4% prior
  • Professional and business services at 2.7% vs. 2.7% prior
  • Arts, entertainment and recreation at 2.6% vs. 3.0% prior
  • Trade, transportation and utilities at 2.3% vs. 2.3% prior
  • Construction at 1.5% vs. 1.8% prior
  • Health care and social assistance at 1.7% vs. 1.8% prior
  • Education and health services at 1.7% vs. 1.8% prior
  • Non-durable goods manufacturing at 1.3% vs. 1.3% prior
  • Durable goods manufacturing at 1.1% vs. 1.0% prior
  • State and local government at 0.9% vs. 0.8% prior
  • Government at 0.8% vs. 0.8% prior

June JOLTS

Next article08 05 2016 | by Victor Xing | Economics

July Payrolls: beyond the shadows of may