Mary: This is Mary Walden with economist MW welcoming you to the economic perspective.
Today’s program looks at JOLTS to the labor market.
Mike, changes in the unemployment rate and total job numbers are the most common measures of the labor market. But I understand there is another labor market report called JOLTS which has additional important information about jobs. What is it?
Mike: Summary Answer
a. JOLTS stands for job openings and labor turnover survey
b. As name implies, gives data on available job openings, new hires, workers quitting, and workers being laid off
c. Recent report suggests strength in the job market
d. Job openings are at the highest rate since 2000
e. Likewise, layoff rate is at lowest rate since 2000
f. And, quit rate – meaning workers who voluntarily leave their job – is at highest rate since 2005 g. A high quit rate is actually positive for the economy because it suggests workers are confident they can quit and find another job h.
So, for now, all good i. I’m MW Mary: And I’m Mary Walden for N C State Extension