Today, the Bureau of Labor Statistics (BLS) released November 2016 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 – was at 1.4 candidates per job opening in the Midwest in November. The ratio is up slightly from the previous month (1.3 in October) and identical to November of last year. The U.S. ratio was 1.3 in November, which is down slightly from 1.4 a month ago and the same as 1.4 a year ago.
The Midwest reported 1.18 million new hires in November 2016, a 1.5% percent decrease year-over-year. Nationally, hiring activity decreased by 0.6% percent in the same time period.
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.