What is it?
The number of job openings and the job openings rate come from the Job Openings and Labor Turnover Survey (JOLTS) collected by the Bureau of Labor Statistics each month. The number of job openings (JOPL) is seasonally adjusted, expressed in thousands, and represents the total number of unfilled job openings that exist during the month. The job openings rate (JOPR) is a percentage calculated using the following formula:
JOPR = (# of job openings / (# of employees + # of openings)) *100
Example: If there are 10 job openings and 90 employees then the job opening rate = 10/(90+10) = 10%.
In SONAR, the job openings data is tracked at the following granularities:
CONS – construction
TPWH – transportation and warehousing
NFRM – total nonfarm
MFTG – manufacturing
Who is interested?
Economists, Employers, Analysts, Higher Level Executives, Human Resources, and Owner Operators
What does it tell me?
The Job Openings level and rate help measure labor demand. The absolute level is useful in looking at over time values to see how the labor market is creating new jobs. The job opening rate gives perspective as it relates to the total workforce. 3% job opening rate is considered normal or healthy. Job openings are useful when compared to hires information.
Example: A user wants to understand the job openings level for non-farm jobs. They would enter: JOPL.NFRM