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