Academic journal article Monthly Labor Review

JOLTS Starts. (Labor Month in Review).(Job Openings and Labor Turnover Survey)

Academic journal article Monthly Labor Review

JOLTS Starts. (Labor Month in Review).(Job Openings and Labor Turnover Survey)

Article excerpt

A new Job Openings and Labor Turnover Survey (JOLTS) was introduced in July 2002 by the Bureau of Labor Statistics. Job openings are a measure of unmet labor demand and may be compared with unemployment, which measures unused labor supply. Job openings refer to the number on the last business day of the month, and the number of hires and separations are for the entire month. The sample of 16,000 business establishments covers both the private sector and government.

The first release of JOLTS estimates covered the period from May 2001 to May 2002 and showed that the number and rate of job openings in May 2002 were substantially lower than a year earlier. On the last business day of May 2002, there were 3.5 million job openings, 2.6 percent of the number of total filled and unfilled positions (employment plus job openings) in the United States. This was down significantly from 4.3 million openings, or a job openings rate of 3.2 percent, in May 2001. Over the same period, the total U.S. unemployment rate (not seasonally adjusted) rose to 5.5 percent from 4.1 percent.

The pace of hiring also declined compared with a year ago. …

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