Today, the Bureau of Labor Statistics (BLS) released July 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 – decreased sightly to 1.3 candidates per job opening in the Midwest in July. This is down from a ratio of 1.8 a year ago and maintains the lowest ratio in more than a decade. The U.S. ratio decreased to 1.4 in July.
Midwest hiring activity contracted 5 percent year-over-year – significantly lower than the nation’s stagnant growth of 0 percent over the same time period – to reach 1.07 million new hires in July 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 at a higher rate during periods of economic growth. The Midwest’s quit rate remains unchanged at 1.9 from last month and similarly unchanged from a year ago.
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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