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JOLTS Reports 3.362 Million Job Openings In October, As Government Workers Cling To Jobs

Tyler Durden's picture




 

The JOLTS survey, which looks back two months, and is thus completely useless when trying to game the NFP/Initial Claims number came at 3.362 million job openings for October, an increase of over 350k from September's revised 3,011. Then again with November NFP data being a massive disappointment, one can see why this data tends to have about as much market impact as the iconoclastic ABC Consumer Confidence index, which continues to print at near all time lows. Furthermore, as has been disclosed previously, employers continue to fill all open positions predominantly with temporary positions, which, paying $20k per month, do miracles for the recovery.

From the release:

There were 3.4 million job openings on the last business day of October, the U.S. Bureau of Labor Statistics reported today. The job openings rate increased over the month to 2.5 percent. The hires rate remained at 3.2 percent in October, while the separations rate was essentially unchanged at 3.1 percent. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector by industry and geographic region.

The number of job openings in October was 3.4 million, which was up from 3.0 million in September. Since the most recent series trough in July 2009, the number of job openings has risen by 1.0 million or 44 percent. (See table 1.) This trough immediately followed the end of the recession in June 2009 (as designated by the National Bureau of Economic Research). Even with the gains since July 2009, the number of job openings in October remained 1.0 million below the 4.4 million openings when the recession began in December 2007.

The number of job openings in October (not seasonally adjusted) increased from 12 months earlier for total nonfarm and total private. The level was little changed over the year for government overall but decreased for federal government. Over the year, the job openings level increased in seven industries and decreased in two industries. The job openings level was up over the year in 3 of the 4 regions: the Northeast, South, and West. (See table 5.)

An interesting observation from the separations in government workers, where the metric apparently declined: suddenly Federal workers realize they have better job prospects (on a risk adjusted basis) that hedge fund PMs:

The total separations, or turnover, rate in October was little changed for total nonfarm and total private, but the rate decreased for government.

Pretty soon, just like back in the USSR in the 1960s-1980s, working for the government will be the ultimate ambition of every social parasite.

 

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Tue, 12/07/2010 - 11:19 | 785460 TheSettler
TheSettler's picture

$20k per month, where do I sign up?

Tue, 12/07/2010 - 11:21 | 785469 Max Hunter
Max Hunter's picture

I'm thinking that was a typo.. 20k/year sounds a little more like it.

Tue, 12/07/2010 - 11:23 | 785481 Sudden Debt
Sudden Debt's picture

Signing up for the US greencard lottery doesn't sound that bad anymore :)

AMERICA, THE LAND OF COLA AND MCDONALS!!

 

Tue, 12/07/2010 - 13:14 | 786013 knukles
knukles's picture

Coke.  Coke and McDonalds.  Shit, they even sell it in cans in America.
(h/t Firesign Theater)

Tue, 12/07/2010 - 13:15 | 786018 knukles
knukles's picture

BTW, what's JOLTS?
Jacking Off Lots Till Satisfied?

Tue, 12/07/2010 - 13:17 | 786025 knukles
knukles's picture

But no worries, laddie.
T'is all fookin' glorious!

Tue, 12/07/2010 - 11:36 | 785532 ShankyS
ShankyS's picture

$20k per month ain't gonna buy a loaf of bread where we're headed.

Tue, 12/07/2010 - 11:21 | 785465 Crispy
Crispy's picture

As I view the "make 65k with the FBI" banner on the top of the page. Irony at its best.

Tue, 12/07/2010 - 12:18 | 785756 SheepDog-One
SheepDog-One's picture

Yea nice jackbooted thug ad...whats up with that?

Tue, 12/07/2010 - 12:35 | 785851 Bear
Bear's picture

Mine says "Reserva hoy tus vacaciones" ... must be some kinda code for join the FBI?

Tue, 12/07/2010 - 11:21 | 785468 Racer
Racer's picture

And IBD/TIPPeconomic optimism 45.8 v 'expected' 47.2 (prev 46.7)

but that is irrelevant as long as POMO hands out more free money to the banksters

Tue, 12/07/2010 - 11:23 | 785474 RobotTrader
RobotTrader's picture

Massive key outside day reversal on AZO today.

Perhaps today the boner gets busted?

Tue, 12/07/2010 - 11:23 | 785475 resipsaloquacious
resipsaloquacious's picture

20k per year, not month. 

Tue, 12/07/2010 - 11:28 | 785501 JLee2027
JLee2027's picture

Pretty soon, just like back in the USSR in the 1960s-1980s, working for the government will be the ultimate ambition of every social parasite.

http://www.youtube.com/watch?v=kHD5nd3QLTg

Tue, 12/07/2010 - 11:32 | 785514 buzzsaw99
buzzsaw99's picture

Screw that. Unemployment pays better than most of those jobs.

Tue, 12/07/2010 - 11:40 | 785551 ShankyS
ShankyS's picture

We live in a society where it pays more to sit on your ass and contribute nothing than to flip burgers and at least work for your money. Something is fucked up about that but I can't put my finger on it.

Tue, 12/07/2010 - 14:03 | 786219 RKDS
RKDS's picture

Now the question is what exactly is the problem.  Is labor paid poorly or is welfare too generous?  I'd have to say the former in many cases, particularly when a college education is involved.  Employers demand that costly degree, but when you ask for a higher salary to pay back your loans, there is much wailing and gnashing of teeth.  There's no shortage of people who think that they're entitled to a free lunch.  I say that as programmer who works at retail over the weekends to make ends meet, so it's not me collecting a fat check for being unproductive.

Tue, 12/07/2010 - 11:55 | 785620 Vendetta
Vendetta's picture

oh yeah, unemployment checks are so lucrative and people live so well on em.

Tue, 12/07/2010 - 12:13 | 785728 voltaic
voltaic's picture

Unemployment checks average about $290 per week and it's taxable income, or about the same as a 40 hour minimum wage job. There are at least 15 million unemployed and 9 million underemployed looking at 3.3 million jobs or about 7 underemployed per job opening. Those reported JOLTS numbers don't separate part-time, full-time, seasonal or contract jobs out of the equation. Could the JOLTS this past two months reflect seasonal hiring for the "consumer" holiday?

Tue, 12/07/2010 - 11:35 | 785526 IMA5U
IMA5U's picture

here's a thought:

lower taxes so people have more $ to spend

and fire government workers as they produce nothing!

 

now that's Change I Can Believe In

Tue, 12/07/2010 - 11:39 | 785538 Heroic Couplet
Heroic Couplet's picture

If you're unemployed or about to be, do not show up at the Unemployment Office first. Call your Republican US senator, make an appointment (this gives them time to get their ACORN pimp and prostitute with video cam teed up), and ask the Republican where the jobs are. The tax cuts have been in place 10-12 years. Confront the Republican, ask the question, and sit back. Plan on spending a full day. After all, you're unemployed, and you have plenty of time to listen to Republican BS.

At intervals, call them liars to their face. The unemployment processing should not fall on the overworked staff at the unemployment benefits office. If you can visit your local Republican during the holiday season, do so. If your Republican is out with family on vaca, you know lobbyist butt kissing is paying for the luxurious holiday vaca. If you can visit locally and show up at their office in Washington, DC, so much the better.

 

 

 

 

Tue, 12/07/2010 - 12:28 | 785817 Tortfeasor
Tortfeasor's picture

I must be in the wrong line.  My President is a Democrat and has been for a couple years, my Congress is Democrat and has been for even longer, and they all promised me jobs.  In fact, they asked (pleaded, really) for their current positions in order to "fix" the problem of no jobs. 

Maybe I'm doing it wrong.  Should I have hoped even harder for change?  I almost pooped myself from hoping so hard the first time, but I'll take one in the shorts if you think that will help!

Tue, 12/07/2010 - 12:30 | 785833 Bear
Bear's picture

Same for my Democrat Congressman

Tue, 12/07/2010 - 12:19 | 785762 SheepDog-One
SheepDog-One's picture

3.4 million job openings? OK, where? Oh, nevermind all those details I suppose.

Tue, 12/07/2010 - 12:27 | 785810 NumberNone
NumberNone's picture

US companies are starting to take their first tepid steps back into the hiring waters.  Numerous indexes show this.  The big mystery is do they immediately run back to shore when the first waves hit them or do the continue to venture into deeper water. 

Government propaganda team will want to start 2011 strong so look for them to kick negativity in the nuts by issuing incredibly positive Unemployment numbers next month.  JOLTS and other measures show that what was issued must have been...ahem...'fine tuned' in order to guarantee UI extension.  This means the modifications to the positive next month will be great. 

Tue, 12/07/2010 - 12:45 | 785894 karzai_luver
karzai_luver's picture

Anyone with a brain knows that all this crap is going to unwind and when it does whatever is left of the glorious recovery summer goes with it.

No business man worth his pay would hire if you are flush now.

There is no reason to do it. No reason at all.

I look around and see that all the clowns who bought the hype in 2000-01 , well I look around and I see lots of them are gone and the few that are hanging around will be washed out on the next crash. They are running on fumes and it will only take half the crash as the previous to wash them away.

BOOK IT>

Tue, 12/07/2010 - 14:16 | 786279 homersimpson
homersimpson's picture

"US companies are starting to take their first tepid steps back into the hiring waters." Total disagreement there - no they aren't. This is just seasonal or temp hiring. CEOs who are heavily selling their own stock aren't hiring. If you want to know who's really hiring, pay attention to those CEOs who are buying their own stock.

Hiring will be weak for quite a while considering hiring will occur when business needs dictate it (and not when a law is passed).

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