The number of hires and the hiring rate come from the Job Openings and Labor Turnover Survey (JOLTS) collected by the Bureau of Labor Statistics each month. The number of hires (HIRL) is seasonally adjusted, expressed in thousands, and represents the total number of hires that occurred during the month. The hiring rate (HIRR) is a percentage calculated using the following formula:
HIRR = (# of hires / # of employees) *100
In SONAR, the hiring data is tracked at the following granularities:
CONS – construction
TPWH – transportation and warehousing
NFRM – total nonfarm
MFTG – manufacturing
The number of people hired in thousands in the calendar month (seasonally adjusted) as defined by the Bureau of Labor Statistics (BLS). The hires rate is the number of hires divided by total employment for the pay period that includes the 12th of the month. i.e. There are 90 people on the payroll of a company and they hired 10 people that month. The hires rate = 10/90 = 11.1%.
Economists, employers, High level executives, Human Resources, owner-operators
The number of hires and the hiring rate is a measure of the strength of the labor market. Strong hiring is a sign of a healthy economy as it means that businesses are actively looking for and finding workers. The industry detail allows for some comparisons between the transportation and logistics sector and some of the other, competing industries like construction and manufacturing.
The Hires level and rate help measure labor demand and the ability for companies to fill available positions. The absolute level is useful in looking at overtime values to see how the labor market is creating and filling jobs. The higher the rate the faster jobs are being created and filled. 3.8% is considered healthy.
Example: A user wants to understand the hires level for manufacturing jobs. They would enter: HIRR.MFTG.