JOLTS: Barely a ZAP
Click HERE to read my latest analysis on the Job Openings and Labor Turnover Survey (JOLTS) on Seeking Alpha. Take it all in...it's a big YAWN for the month.
What is "JOLTS"?
You're in luck! Here's the definition with snippets from Bloomberg: The JOLTS report stands for the Labor Department’s Job Openings and Labor Turnover Survey and is published each month by the Bureau of Labor Statistics. The headline number is total job openings (in millions). It's important as it shows the current situation with regards to hires versus open jobs. The quits rate is the most important component to look at for employment optimism; the more people voluntarily quit their job, the more confident they are in their ability to find another job not long after.
The JOLTS report defines Job Openings as all positions that are open (not filled) on the last business day of the month. A job is "open" only if it meets all three of the following conditions:
A specific position exists and there is work available for that position. The position can be full-time or part-time, and it can be permanent, short-term, or seasonal, and
The job could start within 30 days, whether or not the establishment finds a suitable candidate during that time, and
There is active recruiting for workers from outside the establishment location that has the opening.
Job Openings does not include:
Positions open only to internal transfers, promotions or demotions, or recall from layoffs
Openings for positions with start dates more than 30 days in the future
Positions for which employees have been hired, but the employees have not yet reported for work
Positions to be filled by employees of temporary help agencies, employee leasing companies, outside contractors, or consultants. (A separate form is used to collect information from temporary help/employee leasing firms for these employees.)