The JOLT (Job opening level total) is delayed by two months and the most recent data was just released yesterday. Now we have seen the job numbers cooling off pretty quick over the last two quarters, Q2 numbers got revised by about 65,000 jobs, in Q3 the numbers still looked ok but you can’t deny things are starting to drop off.
That is a bad sign going into the holidays as at least temp labor should be going up!
Based on the data the BLS released, there were two revisions taking job openings from 7.051 million down to 7.024 million job openings. That is the lowest number in 17 months, since March 2018.
This isn’t all bad though, there is still more than 1 million more job openings then unemployed workers, this trend of more job openings then unemployed has continued for 19 straight months now.
The last indicator to share showing a slow down in the labor market is the “total quits” number which is the amount of people who are quitting their jobs. When these numbers are strong that represents a confident workforce who believes they can go and find a better job, hence confidence in the current economy as a whole. When this number contracts it means people aren’t as confident they can go and get a better job.
In September, the number of quits slid by 103,000, the biggest month drop since January of 2018.