The Bureau of Labor Statistics (BLS) released November 2014 figures from its Job Openings & Labor Turnover Survey (JOLTS), which tracks job openings, hires, and separations (quits, layoffs and discharges, and other separations including retirement).
The seasonally adjusted ratio of unemployed persons per job opening – an indication of labor market activity and competitiveness – has fallen to its lowest level since before the recession in the Midwest with 1.6 candidates per job opening in November. The U.S. ratio, at 1.7 candidates per job opening, also fell below its pre-recession level of 1.8.
As shown in the chart below, Midwest hiring activity increased to 116 percent of its pre-recession level with 1.23 million new hires reported in November. Across the U.S., hiring activity increased to 100 percent of its pre-recession level during the same time period.
The full press release and data can be found on the BLS website.
Chaired by Mayor Rahm Emanuel, World Business Chicago is the public-private partnership leading the Plan for Economic Growth and Jobs in order to drive business development, cultivate talent, and put Chicago at the forefront of the global economy.
WBC’s “Economic Briefs” track indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including unemployment, population, venture capital, job openings and new hires, home sales, tourism, etc. This data provides a clear analytic framework for specific Plan strategies and initiatives. For a summary of these and other economic indicators, refer to WBC’s monthly Chicago By The Numbers.