Every month the U.S. Bureau of Labor Statistics releases data on hiring, firing, and other labor market flows from the Job Openings and Labor Turnover Survey, better known as JOLTS. Today, the BLS released the latest data for August 2020. This report doesn’t get as much attention as the monthly Employment Situation Report, but it contains useful information about the state of the U.S. labor market. Below are a few key graphs using data from the report.
The quits rate declined slightly to 2.0% in August as the tenuous recovery stalled.
The vacancy yield edged up slightly as job openings declined and hires were unchanged. The steady hires rate was a result of increased government temporary hiring for the Decennial Census balanced by decreased hiring in accommodation and food services and healthcare and social assistance.
The ratio of unemployed-worker-per-opening dropped to nearly 2:1 as the slight decrease in job opening rate was offset by a greater decrease in the unemployment rate.
The Beveridge Curve moved closer to its position prior to the pandemic, but remains in unprecedented territory as the unemployment rate remains elevated, alongside a job opening rate that has returned to its lower early 2020 levels.