Job quits continue to plunge in nearly all job sectors.
Job Openings and Labor Turnover JOLTS
The Job Openings and Labor Turnover Summary for August shows some sobering trends.
- At the March 2022 peak, there were 12,182,000 job openings vs an unemployment level of 5,993,000. There were more than two openings per those unemployed.
- There are now 8,040,000 opening vs an unemployment level of 7,115,000. The unemployment level will soon top openings.
- Quits are voluntary separations. The number of quits is below the pre-Covid level.
Quits by Sector
People are not quitting because there are fewer jobs to go to and new hires will generally be among the first to be discharged when layoffs hit.
Education and health services jobs have been elevated to handle the surge in immigration. But even in this sector quits have plunged to normal levels.
ISM Manufacturing Contracts 6th Month, 22nd Time in 23 Months
Earlier today, I noted ISM Manufacturing Contracts 6th Month, 22nd Time in 23 Months
The most striking aspect was a plunge in manufacturing employment to deep contraction.
On August 23, Fed Chair Jerome Powell said the Fed Does Not Seek or Welcome Further Labor Market Cooling
The market is cheering the Jerome Powell’s self congratulatory and market friendly speech at Jackson Hole. “Your mileage may vary,” said Powell. Indeed.
Further labor market cooling is coming anyway.