The Bureau of Labor Statistics (BLS) recently released April 2015 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 – held steady at 1.4 candidates per job opening in the Midwest in April. This is down notably from a ratio of 2.0 a year ago and marks the second lowest ratio in more than a decade. The U.S. ratio dropped slightly to 1.6 in April.
Midwest hiring activity expanded 4 percent year-over-year – slightly less than the nation’s growth over the same time period – to reach 1.21 million new hires in April 2015.
The quit rate, which reflects the share of employees who left voluntarily (except retirements or transfers), is highly correlated with wage growth. Employees tend to quit and switch jobs during periods of economic growth. While the Midwest’s 1.9 quit rate only decreased slightly from last month, it marks the highest April rate since 2008 and is still a positive indication of wage recovery.
This data reflects the most recent BLS revisions. The full press release and data can be found on the BLS website.
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