2018 Economic Calendar
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Released On 7/10/2018 10:00:00 AM For May, 2018
PriorPrior RevisedConsensusConsensus RangeActual
Job Openings6.698 M6.840 M6.700 M6.660 M to 6.725 M6.638 M

Job openings slipped back but still remain very abundant, at 6.638 million in May vs an upward revised and record 6.840 million in April. Openings are up 16.7 percent compared to May last year and are far above hiring, at 5.754 million in May for comparatively distant 4.9 percent year-on-year gain.

Openings are not only above hirings but they are also above the 6.564 million unemployed who are actively looking for work. This inversion -- which strongly underscores lack of available capacity in the labor market -- first appeared in April and marks a first in data going back 20 years. It's the abundance of openings that are pulling in discouraged workers back into the workforce looking for jobs.

Of special note in today's report is another rise in the quits rate, up 1 tenth to 2.4 percent. Jerome Powell, at his FOMC press conference last month, characterized the quits rate as elevated, a sign that workers are looking for other employers and higher pay.

Job openings represent labor demand and are a complementary statistic to unemployment which represents labor supply. And their relationship is a hot topic among Federal Reserve policy makers who are raising rates to head off potential imbalances, specifically inflationary imbalances, in the labor market.

Consensus Outlook
Job openings have been providing one of the strongest signals of any indicator on the labor market's strength. Forecasters are calling for a 6.700 million total in June, little changed from May's record 6.698 million. For the first time in 20 years of available data, job openings are exceeding the number of unemployed actively looking for work.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.  Why Investors Care
The Job Openings and Labor Turnover Survey provides a different angle to labor market conditions. The key numbers are job openings, hires, and total separations.
Data Source: Haver Analytics

2018 Release Schedule
Released On: 1/92/63/164/135/86/57/108/79/1110/1611/612/10
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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