Business & Investment

December jobs were 6.6 million, “almost unchanged”

Along Calculated risk of February 9, 2021 10:08:00 AM

From BLS: Overview of job vacancies and labor turnover

The number of job offers Almost unchanged at 6.6 million On the last business day of December, the US Department of Labor Statistics reported today. Employment fell to 5.5 million, but the total turnover was almost unchanged at 5.5 million. Within the separation, the dismissal rate and the temporary dismissal rate and the dismissal rate were 2.3% and 1.3%, respectively, with little change.
Emphasis added

The following graph shows jobs from JOLTS (yellow line), hires (dark blue), layoffs, dismissals, etc. (red column), and retirement (light blue column).

This series started in December 2000.

Note: The difference between hiring and leaving JOLTS is similar to the number in the CES (Payroll Survey) Net Job Heading. This report is for December and the latest employment report is for January.

Click the graph to see the enlarged image.

Keep in mind that hiring (dark blue) and total turnover (red and light blue columns are stacked) are usually fairly close each month. This is a measure of labor market sales. When the blue line is above the two stacked rows, the economy is adding net employment-when it is below the row, the economy is losing jobs.

Furloughs and surges in dismissals in March and April 2020 are labeled, but off the chart for clarity of normal data.

Job vacancies in December increased from 6,572 million in November to 6,646,000.

Job vacancies (yellow) increased 1.4% year-on-year. Note that job vacancies were declining a year before the pandemic.

Terminations decreased by 6.9% year-on-year. These are voluntary separations. (See the light blue column at the bottom of the graph for the “end” trend).

December jobs were 6.6 million, “almost unchanged” December jobs were 6.6 million, “almost unchanged”

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